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please doubke checn all parts to the question Help Save & Exit...

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Accounting

please doubke checn all parts to the question image
Help Save & Exit On January 1, 2021. ABC Corp. entered into a commercial lease. . The lease requires ABC to make annual payments of $58,800 over a 7-year lease term (also the asset's useful life). The first payment occurs on January 1, 2021. The second payment occurs on December 31, 2021, and at each December 31 thereafter. . The interest rate is 19%. The present value of lease payments is $307,556. The lease qualifies as a finance lease. (Round your final answers to the nearest whole dollar) (Hint: An amortization table through the second payment will provide answers to B, C, and D. Clues Across: A. [PV of lease payments: $307,556.) B. Calculate the balance of the lease after the first payment. C. Calculate the balance of the lease after the second payment (le, as of December 31, 2021). 5 8 3 2 9 7 3 2 3 0 7 5 5 6 3 B 2 Down: D. What amount of interest expense will be recognized by the lessee for the year ended December 31, 2021? E. What amount of amortization expense (for the right-of-use asset) will be recognized by the lessee for the year ended December 31, 2021? F. What is the balance of the right-of-use asset as of December 31, 2021? 4 8 7 5 6 1 1 9 5 7 8 3

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