Hughey Co. as lessee records a capital lease of machinery on January 1, 2018. The seven annual lease payments of $700,300 are made at the end of each year. The present value of the lease payments at 9% is $3,409,900. Hughey uses the effective-interest method of amortization and sum- of-the-years'-digits depreciation (no residual value) (a) Your answer is correct Prepare an amortization table for 2018 and 2019. (Round answers to 0 decimal places e.g. 5,275.) Hughey Co. Lease Amortization Schedule Annual Lease Interest on Reduction in Lease Date Receipt/Payment Receivable/Liability Receivable/Liability Receivable/Liability 3409900 12/31/18 700300 306891 393409 3016491 12/31/19 700300 271484 428816 2587675