Problem 21A-12 b-g (Part Level Submission) Cullumber Industries and Riverbed Inc. enter into an agreement that requires Riverbed Inc. to build three diesel-electric engines to Cullumber's specifications. Upon completion of the engines, Cullumber has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is non-cancelable, becomes effective on January 1, 2017, and requires annual rental payments of $397,478 each January 1, starting January 1, 2017. Cullumber's incremental borrowing rate is 8%. The implicit interest rate used by Riverbed and known to Cullumber is 6%. The total cost of building the three engines is $2,700,000. The economic life of the engines is estimated to be 10 years, with residual value set at zero. Cullumber depreciates similar equipment on a straight-line basis. At the end of the lease, Cullumber assumes title to the engines. Collectibility of the lease payments is probable. Click here to view the factor table. LI Prepare a lease amortization schedule for 2 years. (Round answers to 0 decimal places e.g. 58,971.) CULLUMBER INDUSTRIES RIVERBED INCORPORATED Lease Amortization Schedule Annual Lease Interest on Reduction in Lease Date Receipt/Payment Receivable/Liability Receivable/Liability Receivable/ Liability 1/1/17 1/1/17 1/1/18 1/1/19