*Exercise 21A-15 a-b (Part Level Submission) Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Marin Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2017, is $74,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $3,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $24,716 to the lessor, beginning on January 1, 2017. 5. The lessees incremental borrowing rate is 5%. The lessors implicit rate is 4% and is unknown to the lessee. 6. Marin uses the straight-line depreciation method for all equipment. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) *(a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal places, e.g. 5,265.) MARIN COMPANY (Lessee) Lease Amortization Schedule Date Annual Lease Payment Interest on Liability Reduction of Lease Liability Lease Liability 1/1/17 $ $ $ $ 1/1/17 1/1/18 1/1/19 $ $ $ Attempts: 0 of 3 used *(b) The parts of this question must be completed in order. This part will be available when you complete the part above.