The following facts pertainto a noi cancelable lease agreement between Faldo Leasing Company and Bonita Company, a lessee. Commencement date January 1. Annual lease payment due at the beginning of each year, beginning with January 1, $102,018 Residual value of equipment at end of lease term, guaranteed by the lessee 554,000 Expected residual value of equipment at end of lease term $49.000 Lease term 6 years Economic life of leased equipment Fair value of asset at January 1 $584,000 Lessor's implicit rate Lessee's incremental borrowing rate 5% 6 years 5 The asset will revert to the lessor at the end of the lease term. The teisee uses the straight-line amortization for all seasod equipment, Click here to view tactor tables Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, c.8. 1.25124 and the final answers to decimal placeses 5.275) BONITA COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus GRV Interest on Liability Date Reduction of Lease Liability Lease Lial 11/20 $ $ 5 $ 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 12/31/26 5 Prepare all of the journal entries for the lessee for and to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee's annual accounting period ends on December 31. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places eg. 5.275. Record joumal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (To record the lease.) (To record first lease payment.) (To record second lease payment.)