use excel formula to answer the question. present value formula will be $108,847$

At January $1,2024,$ Widget World Corporation leased manufacturing equipment from Clinton Corporation under a $6-$year lease agreement. The lease agreement specifies annual payments of $$25,000$ beginning January $1,2024,$ the beginning of the lease, and on each December $31$ thereafter through $2031.$ The equipment was acquired recently by Clinton at a cost of $$146,163($its fair value$)$ and was expected to have a useful life of $8$ years with no salvage value at the end of its life. Because the lease term is only $6$ years, the asset does have an expected residual value at the end of the lease term of $$28,000.$ Clinton seeks a $7\%$ return on its lease investments. By this arrangement, the lease is deemed to be a finance lease.

$\backslash$table$[[$Lease date$],[$Annual lease payments$],[$Lease term$],[$Useful life of equipment$],[$Residual value at end of lease term$],[$Clinton$\text{'}$s implicit interest rate$],[$sent value of the lease using Excel's PV function.$],[$I entry for Widget World Corporation at the beginning of the lease on January $1,2024.]]$

$\backslash$table$[[$Deneral Journal,,$],[$January $1,2024,$Right$-$of$-$use asset,,$],[,$Lease payable,,$]]$

Prepare a partial amortization schedule for the first year of the lease.

$\backslash$table$[[$Date Lease Payments Effective interest Decrease in$,$Outstanding,$],[$Balance$,,]]$