The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Larkspur Company, a lessee. January 1, 2017 $119,345 Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, 2017 Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $50,000 $45,000 6 years 6 years $642,000 7 % 7 % The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 5,275.) LARKSPUR COMPANY (Lessee) Lease Amortization Schedule Annual Lease Interest on Reduction of Lease Payment Plus GRV Liability Liability Date Lease Liability 1/1/17 1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 12/31/22