The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Culver Company, a lessee. January 1, $99.907 Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, 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, Lessor's implicit rate Lessee's incremental borrowing rate $50,000 $45.000 6 years 6 years $556,000 6 % 6 % 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.) CULVER COMPANY (Lessee) Lease Amortization Schedule Interest on Reduction of Lease Liability Liability Annual Lease Payment Plus GRV Lease Liability 99907 $ $ $ $ $ $ $ nte Account Titles and Explanation Debit Credit 020 Right-of-Use Asset Lease Liability (To record the lease.) 020 Lease Liability Cash (To record first lease payment.) Interest Expense 2020 Lease Liability (To record interest.) 2020 Amortization Expense Right-of-Use Asset (To record amortization.) 021 Lease Liability Cash (To record second lease payment.) Interest Expense 2021 Lease Liability (To record interest.) 2021 Amortization Expense Right-of-Use Asset (To record amortization.)