Sunland Leasing Company leases a new machine to Carla Vista Corporation. The machine has a cost of $65,000 and fair value of $94,000. Under the 3-year, non-cancelable contract, Carla Vista 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. Sunland expects to earn an 8% return on its investment, and this implicit rate is known by Carla Vista. The annual rentals are payable on each December 31, beginning December 31, 2025, Click here to view factor tables. (b) 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 O decimal places eg 5,275.) Date 1/1/25 12/31/25 12/31/26 12/31/27 $ Rent Receipt/Payment Interest (8%) Revenue/ Expense Reduction of Principal Receivable/1

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.