Sheridan Leasing Company leases a new machine to Sunland Corporation. The machine has a cost of $65,000 and fair value of $88,000. Under the 3-year, non-cancelable contract, Sunland will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2025. Sheridan expects to earn an 8% return on its investment, and this implicit rate is known by Sunland. The annual rentals are payable on each December 31 , beginning December 31 , 2025. Click here to view factor tables. (b) Your answer is correct. Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places eg. 5,275.) Prepare the journal entry at commencement of the lease for Sheridan. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Sheridan Leasing Company leases a new machine to Sunland Corporation. The machine has a cost of $65,000 and fair value of $88,000. Under the 3-year, non-cancelable contract, Sunland will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2025. Sheridan expects to earn an 8% return on its investment, and this implicit rate is known by Sunland. The annual rentals are payable on each December 31 , beginning December 31 , 2025. Click here to view factor tables. (b) Your answer is correct. Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places eg. 5,275.) Prepare the journal entry at commencement of the lease for Sheridan. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)