Blossom Limited has signed a lease agreement with Crane Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Crane, the lessor of $230,000. The terms of the lease are as follows: - The lease term begins on January 1,2022 , and runs for 5 years. - The lease requires payments of $52,425 at the beginning of each year starting January 1,2022. - At the end of the lease term, the equipment is to be returned to the lessor. - Crane' implied interest rate is 7%, while Blossom's borrowing rate is 8%. Blossom uses straight-line depreciation for similar equipment. The year-end for both companies is December 31 . Assuming that both companies follow ASPE: Determine the present value of the minimum lease payments. (Round factor values to 5 decimal ploces, es. 1.25124 and final answers to 0 decimal places, es, 5,275.) Present value Prepare Blossom's lease amortization schedule using the effective interest method. (Round answers to 0 decimal places, eg. 5,275 ) Payment Interest (7\%) Principal Balance $ 5 5