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Peridis Inc. has entered into a contract with an asset$-$based finance company to lease some equipment commencing January $1,20$X$1.$ The lease payments are $$32,000$ per year for $8$ years, with payments commencing at the start of each lease year. At the end of the lease, Peridis guarantees to either $(1)$ acquire the equipment from the lessor for $$14,000$ or $(2)$ pay for the lessor$$s cost of removing the equipment, which also is estimated at $$14,000.$ Peridis$$s incremental borrowing rate for this amount and term is estimated to be $9\%$ and the lessor$$s implicit rate is unknown. Peridis$$s fiscal year ends on $31$ December. $($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Determine the present value of the lease payments. $($Do not round intermediate calculations and round final answer to the nearest whole dollar amount.$)$

$2.$ Prepare a liability amortization table for this lease for Peridis. $($Do not round intermediate calculations and round final answers to the nearest whole dollar amount.$)$

$3.$ How much interest expense will Peridis report for each of $20$X$1$ and $20$X$2?($Round your intermediate and final answers to the nearest whole dollar amount.$)$

$4.$ Assume instead that the lease starts on $1$ October $20$X$1.$ How much interest should the company record for each of $20$X$1$ and $20$X$2?($Round your intermediate and final answers to the nearest whole dollar amount.$)$

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