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The following facts pertain to a non-cancelable lease agreement between Sheridan Leasing and Skysong Group, a lessee (amounts in thousands).
| Commencement date | | May 1, 2022 | |
| Annual lease payment due at the beginning of | | | |
| each year, beginning with May 1, 2022 | | 17,196.44 | |
| Bargain purchase option price at end of lease term | | 3,360 | |
| Lease term | | 5 | years |
| Economic life of leased equipment | | 10 | years |
| Lessors cost | | 54,600 | |
| Fair value of asset at May 1, 2022 | | 76,440 | |
| Lessors implicit rate | | 8 | % |
| Lessees incremental borrowing rate | | 8 | % |
The collectibility of the lease payments by Sheridan is probable.
Prepare a lease amortization schedule for Skysong for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.)
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