Barbara Leasing Company signs an agreement on January 1, 2025, to lease equipment to Metlock Company. The following information relates to this agreement. 2. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2025, is $73,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $7,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $23.137.53 to the lessor, beginning on January 1, 2025. 5. The lessee's Incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. 6. Metlock uses the straight-line depreciation method for all equipment Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) METLOCK COMPANY (Lessee) Date 1/1/25 $ 1/1/25 Lease Amortization Schedule Annual Lease Payment Interest on Liability Reduction of Lease Liability Lease Liability 23.137.53 3,059.92 12.239.69 73,000 46.118.68 1/1/26 23.137.53 2.307.94 12,239.69 33,989.42 1/1/27 23.137.53 1.69947 12.239.69 22.812.06 69.412.59 7,067.33 36,719.07