How do I correct this lease amortization schedule?

For the purposes of measuring the initial lease liability, only amounts expected to be owed under the residual value guarantee should be included. That is, only the present value of the difference between the residual value guarantee and the expected residual value at the end of the lease term should be included.

Annual rental payment 104,738

PV on an annuity x 5.21236

PV of periodic rental payments 545,932

Amount expected to be owed under

residual value guarantee

(54,000 - 49,000) 5,000

PV of 1 x .70496

PV of guaranteed residual 3,525

PV of periodic rental payments 545,932

PV of guaranteed residual value + 3,525

PV of lease payments 549,457