The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Grouper Company, a lessee. Commencement date January 1, Annual lease payment due at the beginning of each year, beginning with January 1, $117,492 Residual value of equipment at end of lease term, guaranteed by the lessee $53,000 Expected residual value of equipment at end of lease term $48,000 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at January 1, $620,000 Lessor's implicit rate 8 % Lessee's incremental borrowing rate 8 % 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. Click here to view factor tables. (a) 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 O decimal places e.g. 5,275.) GROUPER COMPANY (Lessee) Lease Amortization Schedule Date Annual Lease Payment Plus GRV Interest on Liability 1/1/20 $ $ 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 12/31/26 $ $ $ Reduction of Lease Liability Lease Liab