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Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term. Note: Round your intermediate and final answers to the nearest whole dollar amount. Enter all amounts as positive value Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the entry to reflect the change from a leased asset to ownership of that asset. Note: Enter debits before credits. Journal entry worksheet Note: tenter aedits derore creaits; 1. Calculate the amount Federated should record as a right-of-use asset and lease liability for this finance lease. 2. Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term. 3. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term. Complete this question by entering your answers in the tabs below. Calculate the amount Federated should record as a right-of-use asset and lease liability for this finance lease. Note: Round your intermediate and final answer to the nearest whole dollar amount. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Federated Fabrications leased a tooling machine on January 1,2024, for a three-year period ending December 31,2026 : - The lease agreement specified annual payments of $31,000 beginning with the first payment at the beginning of the iease, and each December 31 through 2025 - The company had the option to purchase the machine on December 30,2026 , for $40,000 when its fair value was expected to be $55,000, a sufficient difference that exercise seems reasonably certain. - The machine's estimated useful life was six years with no savage value. Federated was aware that the lessor's implicit rate of return was 11% Note: Use tobles, Excel, or a financial calculator. (EV of S1. PV of S1. EVA of S1. PVA of S1. EVAD of S1 and PVAD of S1) Required: 1. Calculate the amount Federated should record as a right-of use asset and lease hability for this finance lease 2. Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term 3. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term. Note: Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a trans select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Note: tenter aedits derore creaits; Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 2 Note: Enter debits before credits