Current Attempt in Progress

The following facts pertain to a non$-$cancelable lease agreement between Pharoah Leasing and Shamrock Group, a lessee $($amounts in thousands$).$

Commencement date

May $1,2022$

Annual lease payment due at the beginning of each year, beginning with May $1,2022$

:$\text{'}22,519\mathrm{.}15$

:$\text{'}4,400$

Bargain purchase option price at end of lease term

Lease term

$5$ years

Economic life of leased equipment

$10$ years

Lessor's cost

$71,500$

Fair value of asset at May $1,2022$

$AA100,100$

Lessor's implicit rate

$8\%$

Lessee's incremental borrowing rate

$8\%$

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$.5,275\mathrm{.}15.)$