Cullumber$$ Co$.$ as lessee records a finance lease of

machinery on January $1,2021.$ The seven annual lease payments of

$$894,000$are made at the end of each year. The present value

of the lease payments at$11\%$ is

$$4,213,000.$Cullumber$$uses the effective$-$interest method

of amortization and sum$-$of$-$the$-$years'$-$digits depreciation

$($no$$residual value$).($a$)$Prepare an amortization table for $20121$ and $2022.$Cullumber$$Co$.$

 

Lease Amortization Schedule Date Annual Lease

 

Receipt$/$Payment Interest on

Receivable$/$Liability Reduction in

Receivable$/$Liability Lease

Receivable$/$Liability Save for Later Attempts: $0$ of $1$ used Submit Answer$\mathrm{ (}$b$)$The parts of this question must be completed in order. This part

will be available when you complete the part above.