On January 1, 2023, Ivanhoe Corp., which uses IFS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement. 1. 2. 3. 4. 5. a The agreement requires equal rental payments of $76,980 beginning on January 1, 2023. The lathes fair value on January 1, 2023, is $500,000. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $13,000. Ivanhoe depreciates similar equipment using the straight-line method. The lease is non-renewable. At the termination of the lease, the lathe reverts to the lessor. Ivanhoes incremental borrowing rate is 10% per year. The lessors implicit rate is not known by Ivanhoe. The yearly rental payment includes $3,004.82 of executory costs related to insurance on the lathe. prepare an amortization schedule for the term of the lease to be used by Ivanhoe. use excel.