Eastern Edison Company leased equipment from Low-Tech Leasing on January 1, 2021. Low Tech recently purchased the equipment at a cost of $222,664. Other information: Lease term 3 years Annual payments $80,000 on January 1 each year Life of asset Fair value of asset 3 years $222,664 Implicit interest rate 8% 8% Incremental rate There is no expected residual value. Required: Prepare a lease amortization schedule. Prepare all appropriate journal entries for Lo-Tech sales type lease). Assume a December 31 year-end. Round your answers to the nearest w dollar amounts. Show all computations