Y OT9 - / 11.1 View Policies Current Attempt in Progress Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Marin Company. The following information relates to this agreement 1. 2 3. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2020, is $85,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $5,000, none of which is guaranteed. The agreement requires equal annual rental payments of $27.911 to the lessor beginning on January 1, 2020, The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. Marin uses the straight-line depreciation method for all equipment 4. 5. 6. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Drenan ancamortizationschere that would be suitable for the lessee for the lease term. (Round answers to O decimal places. Question 9 of 9 - / 11.1 Prepare an amortization schedule that would be suitable for the lessee for the lease term (Round answers to O decimal places. 4.3.5,265.) MARIN COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Interest on Liability Reduction of Lease Liability Date Lease Liabil 1/1/20 $ $ $ $ 1/1/20 1/1/21 1/1/22 $ $ e Textbook and Media Question 9 of 9