On january 1, 2018, majestic mantles leased a lathe from equipment leasing under a finance lease. lease payments are made annually. title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by majestic. portions of the equipment leasing’s lease amortization schedule appear below: jan. 1 payments effective interest decrease in balance outstanding balance191,981 2018 20,500 0 20,500 171,481 2018 20,500 17,148 3,352 168,129 2019 20,500 16,813 3,687 164,442 2020 20,500 16,444 4,056 160,386 2021 20,500 16,039 4,461 152,122 2022 20,500 15,212 5,288 146,834 2023 20,500 14,683 5,817 141,017 — — — — — — — — — — — — — — — 2035 20,500 5,098 15,402 35,578 2036 20,500 3,558 16,942 18,636 2037 20,500 1,864 18,636 0 required: 1. what is majestic’s lease liability at the beginning of the lease (after the first payment)? 2. what amount would majestic record as a right-of-use asset? 3. what is the lease term in years? 4. what is the effective annual interest rate? (round your percentage answers to 1 decimal place.)5. what is the total amount of lease payments? 6. what is the total effective interest expense recorded over the term of the lease?