High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $8,900 per quarter. Adventures purchased the equipment at a cost of $217,046.

Note: Use Excel, or a financial calculator.

Related Information:
Lease term	2 years (8 quarterly periods)
Lease renewal option for an additional	3 years at $8,900 per quarter
Quarterly lease payments	$ 16,500 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter.
Economic life of asset	5 years
Interest rate charged by the lessor	12%

2. Prepare an amortization schedule for the term of the lease.

Note: Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.