Are there any Latin speakers who could translate the following, please? It's a Polish 15th century Cracow Academy students' song. I'd like a literal translation in the same format, line by line, so I can then play with the language to bring it to the same rhythm and rhyme scheme in English.

Breve regnum erigitur,
Sublimatum deprimitur
Et depressum elabitur
Transmutato tempore.

Puerilem miliciam,
Perargutam periciam,
Regencium industriam,
Hanc eduxit in opere.

Cracoviensem filium,
Fulgentem velut lilium
Ac de numero milium
Cunctis preferendum.

Octo dierum spacium
Hoc sustinet solacium,
Post hoc regis pallacium
Plagis feriendum.

Namque regis elleccio
Fit studii negleccio
Ac desolatur leccio
Tota septimana.