Laporte Engineering Company leased a machine on January 1,2023, under a contract cailing for four annual payments of $120,000 on December 31, 2023 through 2026 . The machine becomes the property of the lessee after the fourth payment. The machine was predicted to have a service iffe of six years and no residual value, and the interest rate avallable to Laporte Engineering was 8% on the day the lease was signed. The machine was delivered on January 10,2023, and was immediately placed in service. Required: 1. Delermine the initial net liability created by the lease and the cost of the leased asset. (Do not round Intermedlate colculations. Round the final answers to the nearest whole dollar.) 2. Prepare a table showing the calculation of the amount of interest expense allocated to each year the lease is in effect and the carrying amount of the liability at the end of each of those years. (Do not round Intermedlote caiculations. Round the final onswers to neorest whole doliar. Enter all the amounts as positive values.) 3. Prepare the entry to record the ieasing of the machine: (Do not round intermedlate calculations. Round the final answers to the nearest whole dollopi) Journal entry worksheet Journal entry worksheet 4. Prepare entries that would be made on December 31,2024 , to record the annual depreclation on a straight-line basis, and the recording of the lease payment. Also show how the machine and the lease liability should appear on the December 31,2024 , balance sheet. (Do not round intermediate calculations. Round the final answers to nearest whole dollar. Enter all amounts as positive values.) Journal entry worksheet 2. Record the depreciation on leased machinery. Journal entry worksheet Record the depreciation on leased machinery. Note: Enter debits before credits. Journal entry worksheet