Commencement date Annual lease payment due at the beginning of May 1, 2022 21,290.83 each year, beginning with May 1, 2022 Bargain purchase option price at end of lease term 4,160 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost 67,600 Fair value of asset at May 1, 2022 94,640 Lessor's implicit rate Lessee's incremental borrowing rate 8 % 8 % The collectibility of the lease payments by Pharoah is probable. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Prepare a lease amortization schedule for Shamrock for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) SHAMROCK GROUP (Lessee) Lease Amortization Schedule Annual Lease Payment Plus Interest on Date BPO Liability 5/1/22 5/1/22 21290.83 5/1/23 21290.83 5/1/24 21290.83 5/1/25 21290.83 5/1/26 21290.83 4/30/27 4160 110,614.15 eTextbook and Media Reduction of Lease Liability Lease 21290.83