On January 1, 2021, Oriole Ltd., which uses IFRS 16, entered into an eight-year lease agreement for a conveyor machine. Annual lease payments are $22,200 at the beginning of each lease year, which ends December 31, and Oriole made the first payment on January 1, 2021. At the end of the lease, the machine will revert to the lessor. However, conveyor machines are expected to last for only eight years and have no residual value. At the time of the lease agreement, conveyor machines could be purchased for $125,000 cash. Equivalent financing for the machine could have been obtained from Oriole's bank at 12%. Oriole's fiscal year coincides with the calendar vear. Oriole uses straight-line depreciation for its conveyor machines. Calculate the PV of the minimum lease payments using (1) a financial calculator or (2) Excel functions. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 1,452.) Present value of the minimum lease payments Prepare an amortization schedule for the term of the lease to be used by Oriole Ltd. (Hint: You may find the ROUND formula helpful for rounding in Excel.) (Round answers to O decimal places, e.g. 1,452.) Oriole Ltd. Lease Amortization Schedule (Lessee) Interest on Unpaid Liability Date Annual Lease Payments Reduction of Lease Liability Balance of Lease Liability $ Jan. 1, 2021 $ 22200 22200 Jan. 1. 2022 22200 Jan. 1, 2023 22200 Jan. 1, 2024 22200 Jan. 1. 2025 22200 Jan. 1, 2026 22200 Jan. 1, 2027 22200 Jan. 1, 2028 22200 0 i $ 177600 $ $