E21-8 the following facts pertain to a noncancelable lease agreement

E21-8 The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee.
Inception date:                                                                         May 1, 2014
Annual lease payment due at the beginning of
   each year, beginning with May 1, 2014                    $21,227.60
Bargain-purchase option price at end of lease term     $4,000
Lease term                                                                   5          years
Economic life of leased equipment                             10        years
Lessor’s cost                                                                $65,000
Fair value of asset at May 1, 2014                               $91,000
Lessor’s implicit rate                                                    10%
Lessee’s incremental borrowing rate                            10%
The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs.
Prepare a lease amortization schedule for Rode Company for the 5-year lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25125 and Round answers to 2 decimal places, e.g. 15.25.)
RODE COMPANY (Lessee)Lease Amortization Schedule
Annual Lease Payment PlusBPO
Interest onLiability
Reduction of LeaseLiability
Lease Liability

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