Crane Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to Cheyenne Airlines for a period of 10 years. The normal selling price of the equipment is $291,033, and its unguaranteed residual value at the end of the lease term is estimated to be $20,800. Cheyenne will pay annual payments of $43,400 at the beginning of each year. Crane incurred costs of $164,300 in manufacturing the equipment and $4,300 in sales commissions in closing the lease. Crane has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 11%. Cheyenne Airlines has an incremental borrowing rate of 11%.

Prepare a 10-year lease amortization schedule. (Round answers to 0 decimal places e.g. 58,970.)

CHEYENNE AIRLINES (Lessee) Lease Amortization Schedule (Annuity-due basis and URV)
Beginning of Year		Annual Lease Payment		Interest on Lease Liability		Reduction of Lease Liability		Lease Liability