Rumsfeld Corporation leased a machine on December 31, 2021, for a three-year period. The lease agreement calls for annual payments in the amount of $15,000 on December 31 of each year beginning on December 31, 2021. Rumsfeld has the option to purchase the machine on December 31, 2024, for $16,000 when its fair value is expected to be $26,000. The machine's estimated useful life is expected to be five years with no residual value. The appropriate interest rate for this lease is 12%. n, i 1 period, 125 2 periods, 128 3 periods, 12% PV of $1 9.89286 0.79719 0.71178 PV, ordinary annuity 0.89286 1.69005 2.40183 PV, annuity due 1.88800 1.89286 2.69095 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 intermediate calculations and final answer to the nearest whole dollar amounts) Right-of-use assou Lease payable Required 2 > 0.71178 2.40183 2.69005 3 periods, 12% 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 Prepare an amortization schedule for this lease. (Round your intermediate calculations and final answers to the nearest w dollar amounts.) Amortization Schedule Effective Decrease Payments Interest in Balance Balance Dec 31 2021 Dec 31 2022 Dec.31 2023 Dec 31 2024