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Problem 21-01 (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Bridgeport Company, a lessee. January 1, $128,634 Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, Lessor's implicit rate Lessee's incremental borrowing rate $47,000 $42,000 6 years 6 years $657,000 9% 9 % The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Click here to view factor tables. (a) Your answer is partially correct. Try again. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal plac BRIDGEPORT COMPANY (Lessee) Lease Amortization Schedule Annual Lease Interest on Reduction of Lease Date Payment Plus GRV Liability Liability Lease Liability 1/1/20 0 628,975 1/1/20 128,634 128,634 500,341 x X 1/1/21 128,634 47,553 81,081 447,285 1/1/22 128,634 40,256 88,378 358,907 X 1/1/23 128,634 32,302 96,332 262,574 1/1/24 128,634 23,632 105,002 157,572 1/1/25 128,6341 14,181 114,453 43,119 12/31/26 47,000 4,230 42,770 349 818,804 162,153 656,651