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Exercise 15-14 Lessor, operating lease: effect on financial statements (LO 15-4] At January 1. 2018, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement The lease agreement specifies annual payments of $30,000 beginning January 1, 2018, the beginning of the lense, and at each Decenber 31 thereafter through 2025. The equipment was acquired recently by Crescent at a cost of $225,000 (its foir value) and was expected to have a useful life of 13 yers with no salvage value at the end o its life. Because the lease term is on 9 years, the asset does have an expected residual value at the end of the lease term of $127481) Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. (FV of $1. PV of SI. EVA of $1. PVA ot S1. EVAD of $t and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What will be the effect of the lease on Crescent's pessor's) earnings for the first year? (Enter decresses with negetive numbers.) 2. What will be the balances in the belance sheet accounts related to the lease at the end of the first year for Crescent? (For all requirements, round your intermediate calculations to the nearest whole dollar amount.) 1 Eflect on eamings 2 Equipment balance tnet, end of yean S30,000) S136,912 S 166,912 Delerred lease revenue