Six ovens were rented on December 31, with $20,000 charged to rent expense. The lease runs for 6 years with an implicit interest rate of 5%. At the end of the 6 years, Peyton will own them. Make any necessary adjusting entries. Present value table Year 0 1 2 Payments 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 PVF 5% 1.00000000 0.95238095 0.90702948 0.86383760 0.82270247 0.78352617 Present Value 20,000.00 19,047.62 18,140.59 17,276.75 16,454.05 15,670.52 106,589.53 3 4 5 Amortization Schedule Year Interest Expense 0 1 5% Lease Payment 20,000.00 20,000.00 20,000.00 20.000.00 20,000.00 20.000.00 Opening balance 106,589.53 86,589.53 70.919.01 54,464.96 37,188.21 19,047.62 2 Capital deduction 20,000.00 15,670.52 16,454.05 17,276.75 18,140.59 19,047.62 Closing balance 86,589.53 70,919.01 54,464.96 37,188.21 19,047.62 4,329.48 3,545.95 2,723.25 1,859.41 952.38 3 4 5 Is this information Correct