Oriole Limited has signed a lease agreement with Lantus Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Lantus of $204,000. The terms of the lease are as follows:

?The lease term begins on January 1, 2016, and runs for 5 years.?The lease requires payments of $49,775 at the beginning of each year starting January 1, 2016 which includes $4,900 for maintenance and insurance costs.?At the end of the lease term, the equipment is to be returned to the lessor.?Lantus' implied interest rate is 5%, while Oriole's borrowing rate is 6%. Oriole uses straight-line depreciation for similar equipment. The year-end for both companies is December 31.

Assume that both companies follow ASPE.

Prepare Oriole's lease amortization schedule using the effective interest method.(Round answers to 0 decimal places, e.g. 5,275.)

Date Payment Interest Principal Balance

January 1, 2016

January 1, 2016

January 1, 2017

January 1, 2018

January 1, 2019

January 1, 2020