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 $17,000 on December 31 of each year beginning on December 31, 2021. Rumsfeld has the option to purchase the machine on December 31, 2024, for $21,000 when its fair value is expected to be $31,000. The machine's estimated useful life is expected to be six years with no residual value. The appropriate interest rate for this lease is 10%. 1 period, 10% 2 periods, 100 3 periods, 10% PV of $1 PV, ordinary annuity 0.90909 0.90909 0.82645 1.73554 0.75131 2.48685 PV, annuity due 1.00000 1.90909 2.73554 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 asset Lease payable 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 $17,000 on December 31 of each year beginning on December 31, 2021. Rumsfeld has the option to purchase the machine on December 31, 2024, for $21,000 when its fair value is expected to be $31,000. The machine's estimated useful life is expected to be six years with no residual value. The appropriate interest rate for this lease is 10%. n, i 1 period, 10% 2 periods, 10% 3 periods, 108 PV of $1 0.90909 0.82645 0.75131 PV, ordinary annuity 0.90909 1.73554 2.48685 PV, annuity due 1.00000 1.90909 2.73554 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.) Amortization Schedule Effective Decrease Payments Interest in Balance Balance Dec.31 2021 Dec.31 2022 Dec.31 2023 Dec.31 2024