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Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Windsor Company. The following information relates to this agreement. 1. 2. 3. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2020, is $56,000. 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 $3,000, none of which is guaranteed. The agreement requires equal annual rental payments of $18,479 to the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. Windsor uses the straight-line depreciation method for all equipment. 4. 5. 6. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round answers to decimal places, eg. 5,265.) Annual Lease Payment see Lease Amortization Schedule Interest on Reduction of Lease Liability Liability Lease Liability 0 $ 0 $ 0 $ 53332 18479 0 18479 34853 18479 1394 17085 17768 18479 711 17768 0 55437 $ 2105 $ 53332 e Textbook and Media List of Accounts Your answer is partially correct. E Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee's annual accounting period ends on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Right-of-Use Asset 53332 Lease Liability 53332 (To record the lease) Lease Liability 18479 Cash 18479 (To record lease payment) Interest Expense 1394 Cash 1394 (To record interest expense) Right-of-Use Asset 10666 10666 Accumulated Depreciation-Right-of-Use Asset il Interest Payable 1394 Interest Expense 1394 (To reverse interest expense) Interest Expense 1394 Lease Liability 17085 Cash 18479 (To record lease payment) Interest Expense 711 Cash 711 (To record interest expense) Right-of-Use Asset 10666 10666 Accumulated Depreciation-Right-of-Use Asset (To record amortization of the right-of-use asset)