Oakridge Leasing Corporation signs an agreement on January 1, 2023, to lease equipment to Ivanhoe Limited. Oakridge and Ivanhoe follow ASPE. The following information relates to the agreement: 1. The term of the non-cancellable lease is five years, with no renewal option. The equipment has an estimated economic life of six years. 2. The asset's fair value at January 1,2023 , is $87,000. 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 $6,600, which is not guaranteed. 4. Ivanhoe assumes direct responsibility for all executory costs, which include the following annual amounts: $930 to Rocky Mountain Insurance Ltd. for insurance and \$1,670 to James Township for property taxes. 5. The agreement requires equal annual rental payments of $20,252 to Oakridge, the lessor, beginning on January 1,2023. 6. The lessee's incremental borrowing rate is 12%. The lessor's implicit rate is 11% and is known to the lessee. 7. Ivanhoe uses the straight-line depreciation method for all equipment. 8. Ivanhoe uses reversing entries when appropriate. Calculate the PV of the future minimum lease payments using any of the following methods: (1) factor tables, (2) a financial calculator, or (3) Excel functions. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 1,452.) \begin{tabular}{cccc} \multicolumn{4}{c}{ Ivanhoe Limited (Lessee) Lease Amortization Schedule } \\ \hline Annual & Interest on & Reduction & Balance \\ Lease & Unpaid & of Lease & of Lease \\ Payment & Obligation & Obligation & Obligation \end{tabular} $ $ $ $