Rumstelo Corporation leased a machine on December $31,2024,$ for a three year period. The lease agreement calls tor annual

payments in the amount of $$17,000$ on December $31$ of each year beginning on December $31,2024.$ Rumsteld has the cption to

purchase the machine on December $31,2027,$ for $$21,000$ when its fair value is expected to be $$31,000.$ The machine's estimatec

useful life is expected to be six years with no residual value. The appropriate interest rate for this lease is $10\%.$

Required:

Calculate the amount to be recorded as a right$-$of$-$use asset and the associated lease liability.

Prepare an amortization schedule for this lease.

Complete this question by entering your answers in the tabs below.

Calculate the amount to be recorsied as a right$-$ot$-$use asset and the assoclated lease liahility.

Note: Round your lintermadlate calculations and flnal answer to the nearest whole dollar amoints.

Hight$-$Ct$-1$La zesaty I Aa$$A payalala

Required $1$

Required $2$

Prepare an amortization schedule for this lease.

Note: Round your intermediate calculations and final answers to the nearest whole dollar amounts.