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
Lessors cost		$161,000
Fair value of asset at June 1, 2020		$184,000.00
Lessors implicit rate (known to lessee)		6	%
Lessees incremental borrowing rate		6	%

The collectibility of the lease payments by Carmichael is probable. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

(c)

Prepare a lease amortization schedule for Banket for the 4-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.)

BANKET COMPANY (Lessee) Lease Amortization Schedule
Date		Annual Lease Payment Plus BPO		Interest on Liability		Reduction of Lease Liability		Lease Liability
6/1/20		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
6/1/20		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
6/1/21		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
6/1/22		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
6/1/23		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
5/31/24		enter a total amount		enter a total amount		enter a total amount		enter a total amount
		$enter a total amount		$enter a total amount		$enter a total amount