the following facts pertain to a non cancelanle lease agreement between mooney leasing and choi group a lessee amounts in thousands

commencement date May 1, 2019

annual lease payment due at the

beginning of each year beginng with May 1, 2019 20,471.94

bargain purchase option price at end of lease term 4,000

lease term 5 years

economic life of leased equipment 10 years

lessors cost 65,000

fair value of asset at May 1, 2019 91,000

lessors implicit rate 8%

lessees incremental borrowing rate 8%

the collectibility of the lease payments by mooney is probable

A. prepare a lease amortization schedule for choi for the 5 year lease term

B. prepare the journal entries on the lessees books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2019 and 2020. chois annual accounting period ends on December 31. reversing entries are used by choi