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\fFederated Fabrications leased a tooling machine on January 1, 2020, for a period ending December 31, 2024. The lease agreement specified annual payments of $117,640 beginning with the first payment at the inception of the lease, and each December 31 through 2024. On December 31, 2024, the machine is expected to be worth $100,000. The machine's estimated useful life was seven years with no salvage value. Federated depreciates assets by the straight-line method. The company was aware that the lessor's implicit rate of return was 6%, which was less than federate d's incremental borrowing rate. According to the above lease information, calculate the following: Question Fair value of leased asset Interest on January 1#, 2020 Decrease in balance on January 1#, 2020 Outstanding balance on January 1#, 2020 Depreciation amount on December 31#, 2020 Interest on January 1* 2021 Decrease in balance on January 1#, 2021 Outstanding balance on January 1#, 2021 Depreciation expense on December 31#, 2021 Interest on January 1* 2022