Complete the following exercise. Submit journal entries in an Excel file and written segments in an MS Word document. Label each question clearly.Attachmemnt contains the spreadsheets you will need for this exercise.Assume that the following facts pertain to a noncancelable lease agreement between Fifth-Third Leasing Company andBob Evans Farms a lessee.The lessee assumes responsibility for all executory costs which are expected to amount to $4000 per year. The asset will revert to the lessor at the end of the lease term. The lessee has guaranteed the lessor a residual value of $50000. The lessee uses the straight-line depreciation method for all equipment.
