Ryan Corp. is an aircraft dealer who purchases a jet on 12/15/2014 for $1.8 mil. The jet has a fair value (retail) of $2 mil. On 1/01/2015, Ryan leases the jet to Ftcap Co. with the following terms:

The lease term is for a period of 5 years (1/01/15 - 12/31/19) and cannot be cancelled,

Annual payments of $400,676.23 are payable in advance each 1/01,

The estimated residual value of the jet at 12/31/19 is $400k which is guaranteed by Ftcap

The interest rate used by Ryan in determining lease payment amounts (the "implicit" rate) is 8%.

The following additional information is available:

Jets of this type have an estimated economic life of 8 years,

Ftcap's incremental borrowing rate is 8%, and
Ftcap uses straight line depreciation.

Assuming this is to be accounted for as a capital lease:

Complete an amortization table similar to Exhibit 6.1, and

Provide all entries in accounting equation format each year by Ftcap (the lessee)., and

Determine the total expense recognized by Ftcap in each year's income statement and the lease liability reported in each year-end balance sheet.

I need the answers in a excel sheet.