A$18-8$ Lessee Accounting; Amortization Table: $($LO $18-2)$

On $31$ December $20$X$0,$ Columbia Inc. entered into an agreement with Scotia Ltd$.$ to lease equipment with a useful life of $6$ years. Columbia Inc. will make four equal payments of $\backslash (\backslash$$ $115,000\backslash )$ at the beginning of each lease year. Columbia Inc. anticipates that the equipment will have a residual value of $\backslash (\backslash$$ $94,400\backslash )$ at the end of the lease, net of removal costs. Columbia Inc. has the option of extending the lease by $(1)$ paying $\backslash (\backslash$$ $94,400\backslash )$ to retain the equipment or $(2)$ allowing Scotia Ltd$.$ to remove it$.$

Scotia Ltd$.\text{'}$s implicit interest rate in this lease is $\backslash (7\backslash \%\backslash ).$ Columbia Inc.s incremental borrowing rate is $8\backslash \%.$ Columbia Inc. depreciates the leased equipment on a straight$-$line basis. The lease commences on $1$ January $20$X$1.$ Assume that the fair value of the equipment on the open market is greater than the present value of the lease payments.

$($PV of $\backslash$$$1,$ PVA of $\backslash$$$1,$ and PVAD of $\backslash$$$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Prepare a lease liability amortization table for this lease for Columbia Inc. $($Round your final answers to the nearest whole dollar amount. Leave no cell blank. Be certain to enter $"$O$"$ wherever required.$)$