The lease term is 3 years and the quarterly rental payments are $30,000 paid at the beginning of each quarter. The effective interest rate is 12%. What is the present value of lease payments and can you please prepare an amortization schedule?

\begin{tabular}{|c|c|c|c|c|} \hline Jease Term (in vears) & 3 & & & \\ \hline quarterlyrentalpayments(paidatthebeginningofeachquarter) & $30,000 & & & \\ \hline Effective interest rate & 12% & & & \\ \hline \multicolumn{5}{|l|}{ Present value of lease payments } \\ \hline \multicolumn{5}{|c|}{ Prepare the lease amortization schedule. } \\ \hline Payment Date & LeasePayments & EffectiveInterest & DecreaseinBalance & LeaseBalance \\ \hline \multicolumn{5}{|l|}{ 01/01/Y1 } \\ \hline \multicolumn{5}{|l|}{ 04/01/Y1 } \\ \hline \multicolumn{5}{|l|}{ 07/01/Y1 } \\ \hline \multicolumn{5}{|l|}{10/01/Y1} \\ \hline \multicolumn{5}{|l|}{01/01/Y2} \\ \hline \multicolumn{5}{|l|}{04/01/Y2} \\ \hline \multicolumn{5}{|l|}{07/01/Y2} \\ \hline \multicolumn{5}{|l|}{10/01/Y2} \\ \hline \multicolumn{5}{|l|}{ 01/01/Y3 } \\ \hline \multicolumn{5}{|l|}{04/01/Y3} \\ \hline \multicolumn{5}{|l|}{ 07/01/Y3 } \\ \hline \multicolumn{5}{|l|}{10/01/Y3} \\ \hline total & & & & \\ \hline \end{tabular}