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20. The follo The following facts pertain to a capital lease agreement between German Teasing and Vantastic's Van Line. (Note: All lesser accounting questions follow) - . - . Inception date Lease term Economic life of asset Fair market value of asset Lessor's discount rate (equal to lessee) Bargain purchase option January 1, 2016 5 years 10 years $106,000 10% $7,000 Determine the BOY annual rental paid by the lessee. d. What is the net liability to be reported by the lessee at the inception of the lease before the first payment is made? What amount of interest will the lessee recognize during the first year of the lease? What accounts would be used at the end of year 2016 for interest expense accrual by lessee! What amount of depreciation expense will the lessee recognize at the end of 2016? What should be the balance of the lease liability on December 31, 2020 before the BPO payment is made by the lessee? Debit Credit f