Prepare an amortization schedule for the term of the lease to be used by Sandhill. Use Excel. (Round answers to 2 decimal places, e.g. 5,275.25.) SANDHILL CORP. Lease Amortization Schedule (Lessee) Annual Payment Excluding Interest on Reduction Executory Unpaid of Lease Costs Obligation Obligation Balance of Lease Obligation Date 520000 Jan. 1, 2017 77160 77160 442840 Jan. 1, 2018 77160 44284 32876 409964 x Jan. 1, 2019 T 77160 40,996.40 36163.60 373800.40 Jan. 1, 2020 T 77160 37380.04 39779.96 334020.44 Jan. 1, 2021 77160 33402.04 43757.96 290262.48 Jan. 1, 2022 29026.25 48133.75 242128.73 Jan. 1, 2023 T 77160 24212.87 52947.13 189181.60 77160 18918.16 58241.84 130939.76 Jan. 1, 2024 Jan. 1, 2025 77160 13093.98 64066.02 66873.74 x Jan. 1, 2026 77160 6687.37 70472.63 3598.89 848760 248001.11 523598.89 Question 4 On January 1, 2017, Sandhill Corp., which uses IFRS 16, 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. 6. The agreement requires equal rental payments of $77,160 beginning on January 1, 2017. The lathe's fair value on January 1, 2017 is $520,000. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $13,000. Sandhill Corp. 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. Sandhill's incremental borrowing rate is 9% per year. The lessor's implicit rate is not known by Sandhill Corp. The yearly rental payment includes $2,823.81 of executory costs related to insurance on the lathe. Click here to view the factor table