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 $20,500 on December 31 of each year beginning on December 31, 2021. Rumsfeld has the option to purchase the machine on December 31, 2024, for $24,500 when Its fair value is expected to be $34,500. 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% ni 1 period, 120 2 periods, 121 3 periods, 128 PV of $1 0.89286 0.79719 0.71178 pv, ordinary annuity 0.89286 1.69005 2.40183 pv, annuity due 1.00000 1.89286 2.69005 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 whole dollar amounts.) Required 1 Required 2 Prepare an amortization schedule for this lease. (Round your intermediate calculations and final answers to the nearest whole dollar amounts.) Amortization Schedule Effective Decrease Payments Interest in Balance Balance Dec 31 2021 Dec 31 2022 Dec 31 2023 Dec 31 2024 (Required 1