Financial Statement Impact of a Lease On January 1, 2017, Muske Trucking Company leased a semitractor and trailer for five years. Annual payments of $28,300 are to be made every December 31 beginning December 31, 2017. Interest expense is based on a rate of 8%. The present value of the minimum lease payments is $112,994 and has been determined to be greater than 90% of the fair market value of the asset on January 1, 2017. Muske uses straight-line depreciation on all assets. Required: 1. Prepare a table to show the five-year amortization of the lease obligation. Enter all amounts as positive numbers. If required, round all calculations and answers to the nearest dollar. *Note: Due to rounding you will have to adjust the interest expense for 12/31/21 to result in a zero balance for the lease obligation. Date 1/01/17 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 Muske Trucking Company Effective Interest Method of Amortization Lease Payment Interest Expense 8% Reduction of Obligation Lease Obligation