Marigold Corporation entered into a lease agreement on January 1, 2020, to provide Sunland Company with a piece of machinery. The terms of the lease agreement were as follows. 1. The lease is to be for 3 years with rental payments of $11,580 to be made at the beginning of each year. The machinery has a fair value of $58,000, a book value of $40,000, and an economic life of 8 years. 2. 3. 4. At the end of the lease term, both parties expect the machinery to have a residual value of $30,000, none of which is guaranteed. The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature. 5. The implicit rate is 5%, which is known by Sunland. 6. Collectibility of the payments is probable. Click here to view factor tables. Prepare the amortization schedules Sunland will use over the lease term SUNLAND COMPANY Lease Amortization Schedule Annuity-Due Basis Interest Annual Payment on Liability 11,580 $ 11,580 11,580 Reduction of Lease Liability Lease Liability Lease Expense Schedule (C) Question Actunting On Question 2 Accounting Ma Question 3 Accounting Dra Question 4 Accounting Dr Viewing Qu Accounting Mum Question 6 Accounting Muns Question 7 Accounting Mutin (A) Straight-Line Expense 11.580 11,580 11.580 eTextbook and Media S ./8 Lease Expense Schedule (B) Interest on Lease Liability (C) Amortization of Right-of-Use Asset (and Liability) (A-B) Carrying Value of Right-of-Use Asset Assistance Used