Question 3 --/1 View Policies Current Attempt in Progress The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Marin Company, a lessee. January 1, $125,660 Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, Lessor's implicit rate Lessee's incremental borrowing rate $47,000 $42,000 6 years 6 years $657,000 8% 8% The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Click here to view factor tables. (a) Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 5,275.) MARIN COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus GRV Interest on Liability Reduction of Lease Liability Date Lease Liability 1/1/20 $ 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 12/31/26 $