KAM Seved Bush Corporation leased a machine on December 31, 2021. for a three-year period. The lease agreement calls for annual payments in the amount of $20,500 on December 31 of each year beginning on December 31, 2021 Bush has the option to purchase the machine on December 31 , 2024. for $24,500 when its fair value is expected to be $34,500 Bush is expected to exercise its option to purchase the machine. The machine's estimated useful life is expected to be five years with no residual value. The appropriate interest rate for this lease is 12% Required: 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease liability 2. Prepare an amortization schedule for this lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the amount to be recorded as a right-of-use asset and the associated lease liability. (Round your intermediate calculations and final answer to the nearest whole dollar amounts.) Right-e Lease payable Required 2 >