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

Inception Date	May 1st 2017
Annual Lease Payment due at the Beginning of each year, beginning with May 1st, 2017	$21,737.01
Bargain-purchase option price at the end of lease term	$3,800
Lease term	5 years
Economic life of leased equipment	10 year
Lessor's cost	$68,000
Fair Value of asset at May 1st 2017	$93,000
Lessor's Implicit Rate	10%
Lessee's Incremental Borrowing Rate	10%

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.

1) Compute the amount of the lease receivable at the inception of the lease.

2) Prepare a lease amortization schedule for Windsor Leasing Company for the 5-year lease term.

3) Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2017, 2018, and 2019. The lessors accounting period ends on December 31. Reversing entries are not used by Windsor.