Blossom Leasing Company signs an agreement on January $1,2025,$ to lease equipment to Crane Company. The following information relates to this agreement.

The term of the non$-$cancelable lease is $6$ years with no renewal option. The equipment has an estimated economic life of $6$ years.

The cost of the asset to the lessor is $$401,000.$ The fair value of the asset at January $1,2025,$ is $$401,000.$

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 $$22,050,$ none of which is guaranteed.

The agreement requires equal annual rental payments, beginning on January $1,2025.$

Collectibility of the lease payments by Blossom is probable.

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$($a$).$

$($b$)$

Your answer is partially correct.

Prepare an amortization schedule that is suitable for the lessor for the lease term. $($Round answers to $0$ decimal places e$.$g$.5,275.)$

BLOSSOM LEASING COMPANY $($Lessor$)$

Lease Amortization Schedule