The following facts pertain to a noncancelable lease agreement between Oriole Leasing Company and Waterway Company, a lessee.

Inception date: May 1, 2017

Annual lease payment due at the beginning of each year, beginning with May 1, 2017, $21,117.02

Bargain-purchase option price at end of lease term $3,800

Lease term 5 years

Economic life of leased equipment 10 years

Lessors cost $59,000

Fair value of asset at May 1, 2017 $92,000

Lessors implicit rate 9 %

Lessees incremental borrowing rate 9 %

The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. The expected residual value of the equipment at the end of 5 (10) years is $12,000 ($0).

help me prepare the 5 year term

WATERWAY COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus Interest on Liability Reduction of Lease Liability Date Lease Liability 5/1/20 5/1/21 4/30/22