Rumsfeld Corporation leased a machine on December 31, 2018, for a three-year period. The lease agreement calls for annual payments in the amount of $14,000 on December 31 of each year beginning on December 31, 2018. Rumsfeld has the option to purchase the machine on December 31, 2021, for $15,500 when its fair value is expected to be $25,500. The machine's estimated useful life is expected to be four years with no residual value. The appropriate interest rate for this lease is 8% l period, 8% 2periods, 8% 3 periods, 8% 0.92593 0.85734 e 8.79383 8.92593 1.78326 2.57710 1.98080 1.92593 2.78326 Required: 1. Calculate the amount to be recorded as a right-of-use asset and the associated lease liability 2. Prepare an amortization schedule for this lease. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the amount to be recorded as a right-of-use asset and the associated lease liability. (Round your answer to the nearest whole dollar amounts.) Leased asse Required 2