a Ivanhoe Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to Shamrock Airlines for a period of 10 years. The normal selling price of the equipment is $259,031, and its unguaranteed residual value at the end of the lease term is estimated to be $19.700. Shamrock will pay annual payments of $37.200 at the beginning of each year. Ivanhoe incurred costs of $195,900 in manufacturing the equipment and $3,900 in sales commissions in closing the lease. Ivanhoe has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 10%. Shamrock Airlines has an incremental borrowing rate of 10%. Click here to view factor tables. (a) Your answer is correct. Discuss the nature of this lease in relation to the lessee. This is a finance lease Compute the amount of the initial lease liability. (Round present value factor calculations to 5 decimal places, eg, 1.25124 and the final answer to 0 decimal places eg. 58,971.) The amount of the initial lease liability 251435.54 Prepare a 10-year lease amortization schedule. (Round answers to decimal places eg. 58,970.) SHAMROCK AIRLINES (Lessee) Lease Amortization Schedule (Annuity-due basis and URV) Interest on Reduction of Lease Lease Liability Liability Annual Lease Payment Lease Liability $ $ 0 $ 0 $ 0 37,200 0 37200 37.200 37.200 37,200 37.200 37200 37,200 37,200 37,200 37,200 0 $ $