$\backslash (\backslash$$ $91,000\backslash ).$ Under the $3-$year, non$-$cancelable contract, Cullumber will receive title to the machine at the end of the lease. The machine has a $3-$year useful life and no residual value. The lease was signed on January $1,2025.$ Crane expects to earn an $8\backslash \%$ return on its investment, and this implicit rate is known by Cullumber. The annual rentals are payable on each December $31,$ beginning December $31,2025.$

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$($b$)$

Your answer is correct.

Prepare an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided and round final answers to $0$ decimal places e$.$g$.5,275.)$

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$($c$)$

Prepare the journal entry at commencement of the lease for Crane. $($List all debit entries before credit entries. 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 O for the amounts.$)$