Cheyenne Corporation entered into a lease agreement on January 1,2020, to provide Oriole Company with a piece of machinery. The terms of the lease agreement were as follows. 1. The lease is to be for 3 years with rental payments of $9,563 to be made at the beginning of each year. 2. The machinery has a fair value of $59,200, a book value of $49,200, an end-of-life salvage value of $0, and an economic life of 8 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $40,700, none of which is guaranteed. 4. The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature. 5. The implicit rate is 6%, which is known by Oriole. 6. Collectibility of the payments is probable. 7. Assume that the lessor uses straight-line depreciation. Prepare the amortization schedules Oriole will use over the lease term. ORIOLECOMPANY Lease Expense Schedule (C) Amortization of (A) (B) Right-of-Use Asset Straight-Line Interest on (and Liability) Carrying Expense Lease Liability (A-B) Right-of- /20 ./20$ $ /21 /22 eTextbook and Media List of Accounts