Hide Assignment InformationInstructionsUse the attached Excel template for the following requirements:
1. How should the lease be classified by the lessee and the lessor Explain.
2. Determine the PV of the lease (use Excel formula)
3. Prepare an amortization schedule through December 31, 2021.
4. Prepare the journal entries for both the lessee and the lessor for the dates indicated on the worksheet.
5. What revenues/expenses and amounts will the lessee and the lessor report on their income statements?
You MUST use Excel formulas for all of the calculations!
Name your file using this format: Last name_First Name_Lease Excel Problem_ACC302_ Summer 2021