2. Prepare a lease liability amortization table for only the first four payments. (Round the intermediate and final answers to the nearest whole dollar amount.) X Answer is complete but not entirely correct. Amortization Table Payment Opening Interest Cash Decrease in Ending Period Balance Payment Balance Balance 20X2 S 44,843 9,300 $ 9,300 5 35,543 20X3 35,543 2,843 V 9,300 6,457 29,086 X 20X4 29,086 X 2,327 9,300 6,973 22, 113 X 20X5 22,113 X 1,769 9,300 7,531 14,582 XWatson Co. entered into a lease arrangement for a truck on 1 April 20X2 that had the following terms: . The lease payments are $10,500 per year, payable each 1 April for four years. The lease may be renewed at the option of the lessor for a further five years for $3,100 per year. Based on an allocation of the lease payment on relative stand-alone prices, the lease and non-lease components (maintenance) are $9,300 and $1,200 respectively. Expected amounts to be paid under the residual value guarantee are $10,500 if the lessee ends the lease at the end of the first lease term, and $3,500 if they end the lease at the end of the second lease term. . The leased asset has a useful life of ten years and a fair value of $51,300. The interest rate implicit in the lease is 8%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1-a. Calculate the right-of-use asset. (Round the intermediate and final answer to the nearest whole dollar amount.) Answer is complete and correct. Right-of-use asset 44,843 1-b. Record the initial journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar amount.) Answer is complete and correct. No Transaction General Journal Debit Credit A 1 Right-of-use asset 44,843 Maintenance expense 1,200 Cash 10,500 Lease liability 35,543