On January 1, 2020, Lessee Company leased a machine with the ff info:

Annual rental payable at the end of each year		100,000
Lease term		5 years
Implicit rate in the lease		6%
PV of an ordinary annuity of 1 at 6% at 5 periods		4.2124

On January 1, 2022, Lessee Company and the lessor agreed to amend the original terms of the lease by reducing the annual lease payment by P20,000 and increasing the implicit interest rate to 8%.

The PV of an ordinary annuity of 1 at 8% for 3 periods is 2.5771.

Required:

1) Prepare complete amortization table for the lease liability

2) Prepare journal entries for 2020

3) Compute for the balance of Lease Liability on January 1, 2022

4) Prepare journal entries for 2022