Question 3 The following facts pertain to a noncancelable lease agreement between Nash Leasing Company and Cram essee. Inception date: May 1, 2017 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 $19,199.45 Bargain-purchase option price at end of lease term $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $67,000 Fair value of asset at May 1, 2017 $84,000 Lessor's implicit rate 9 % Lessee's incremental borrowing rate 9 % The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties s costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. The expect value of the equipment at the end of 5 (10) years is $12,000 ($0). Click here to view factor tables Question 3 Your answer is partially correct. Try again. Prepare a lease amortization schedule for Crane Company for the 5-year lease term. (Round present value calculations to 5 decimal places, e.g. 1.25126 and Round answers to 2 decimal places, e.a. 15.25. CRANE COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Interest on Reduction of Lease Liability Date Liability Lease Liability 5/1/17 184000.00 5/1/17 T19199.45 T19199.45 164800.55 5/1/18 T19199.45 I5832.05 13367.40 51433.15 5/1/19 19199.45 4628.98 14570.47 36862.68 5/1/20 T19199.45 3317.64 15881.81 20980.87 5/1/21 T19199.45 1888.28 T17311.17 T3669.70 H000.00 4/30/22