Question: Solve the following problems in a single Lease schedule and indicate the answers to each questions Syed Inc enters into a 5year lease beginning on

Solve the following problems in a single Lease schedule and indicate the answers to each questions

Syed Inc enters into a 5year lease beginning on April 1, 2022. Annual payments are $35,000? made at the end of each year for a total of RM'lEC-Cr over the lease term. The rate implicit in the lease is 8%. Assuming this is an operating Lease. a. Compute the initial lease Liability and Right-ofuse asset balance assuming there are no initial costs. (5 Marks} b. in the continuity schedule, how much is the Right-ofuse Asset ending balance in 225? (5 Marks) c. in the continuity schedule, how much is the Lease Liability ending balance of 2023? {5 Marks] d. On the Journal entries how much is the accumulated Amortization gure for 2024 [5 Marks) e. How much is the interest in 2023? (5 Marks) (Show aii workings)

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