The following facts pertain to a non-cancelable lease agreement between Carmichael Leasing Company and Banket Company, a lessee. Commencement date June 1, 2020 Annual lease payment beginning with June 1, 2020 $47,507.30 Bargain purchase option price at end of lease term $12,000 Lease term 4 years Economic life of leased equipment (no salvage value) 12 years Lessor's cost $161.000 Fair value of asset at June 1, 2020 $184,000.00 Lessor's implicit rate (known to lessee) 6 % Lessee's incremental borrowing rate 6 % The collectibility of the lease payments by Carmichael is probable. Your answer is correct. Discuss the nature of this lease to Banket. The nature of this lease to Banket is a finance lease. e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. Discuss the nature of this lease to Carmichael. The nature of this lease to Carmichael is a sales type lease. 0.5/1 TI! Prepare a lease amortization schedule for Banket for the 4-year lease term. (Round answers to 2 decimal places, eg. 5,275.15.) BANKET COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Date Interest on Liability Reduction of Lease Liability 6/1/20 $ Lease Liat $ $ A 6/1/20 6/1/21 6/1/22 6/1/23 5/31/24 $ $ $