Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Tamarisk Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $56,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $3,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $18,479 to the lessor, beginning on January 1, 2020. 5. The lessees incremental borrowing rate is 5%. The lessors implicit rate is 4% and is unknown to the lessee. 6. Tamarisk uses the straight-line depreciation method for all equipment. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to 0 decimal places, e.g. 5,265.) TAMARISK COMPANY (Lessee) Lease Amortization Schedule Date Annual Lease Payment Interest on Liability Reduction of Lease Liability Lease Liability 1/1/20 $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount 68720 1/1/20 enter a dollar amount 18479 enter a dollar amount 0 enter a dollar amount 18479 enter a dollar amount 50241 1/1/21 enter a dollar amount 18479 enter a dollar amount enter a dollar amount enter a dollar amount 1/1/22 enter a dollar amount 18479 enter a dollar amount enter a dollar amount enter a dollar amount $enter a total amount for this column 55437 $enter a total amount for this column.