Problem 21A-8 a2-c Pharoah Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Novak Medical Center for a period of 10 years. The normal selling pric of the machine is $417,890, and its guaranteed residual value at the end of the non-cancelable lease term is estimated to be $14,500. The hospital will pay rents of $61,000 at the beginning of each year. Pharoah incurred costs of $225,000 in manufacturing the machine and $14,600 in legal fees directly related to the signing of the lease. Pharoah has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 10%. Novak Medical Center has an : incremental borrowing rate of 10% and an expected residual value at the end of the lease of S 10,000. Compute the amount of the initial lease liability. (Round present value factor calculations to 5 decimal places,e.g. 1.25124 and the final answer to o decimal places e.g. 5,275.) Initial Lease Lability s Prepare a 10-year lease amortization schedule. (Round answers to O decimal places e.g.5,275.) NOVAK MEDICAL (Lessee) Lease Schedule (Annuity Due Basis, GRV) Lease Liability Beginning Annual Lease Interest on Reduction of Lease of Year Payment Plus GRV Unpaid LiabilityLiability Initial PV