I need to know if I calculated this amortization schedule as well as the current and long term portions of liability properly.

Given information: "Six ovens were rented on December 31, with $20,000 charged to rent expense. The lease runs for 6 years with an implicit interest rate of 5%. At the end of the 6 years, Peyton will own them. Make any necessary adjusting entries." - The balance sheet being prepared is for 2017, the same year the lease was taken out.

For the fair value calculation I think I need to take the $20,000 payment and multiply it by the present value factor for an annuity due: 5.32948, which would give $106,589.60.

Fair Value of Rental Agreement Payment $ 20,000.00 Implict Interest Rate 5% PV factor of Annuity Due 5.32948 Fair Value $ 106,589.60 Lease Amortiztion Schedule Effective Decrease in Outstanding Year Payments Interest Balance Balance 0 $ 106,589.60 2017 $ 20,000.00 $ 20,000.00 $ 86,589.60 2018 2 $ 20,000.00 $4,329.48 $ 15,670.52 $ 70,919.08 2019 3 $ 20,000.00 $3,545.95 $ 16,454.05 $ 54,465.03 2020 4 $ 20,000.00 $2,723.25 $17,276.75 $ 37,188.29 2021 5 $ 20,000.00 $ 1,859.41 $ 18,140.59 $ 19,047.70 2022 6 $ 20,000.00 $ 952.38 $ 19,047.62 0.00 *Balance corrected for $0.08 rounding error Current Liability as of 12/31/17 $ 15,670.52 Long-Term Liabili