On January 1,2014,LOR Company rented a machine (3-year life,no residual value,straight-line)to LEE Company for a cash rental payable each December 31,20 *11,* 12,and x13.The rental is based on the regular sales price: cost,$35,665; sale price,$45,665.The agreed interest rate was 15% and the lessee retains the machine at the end of the lease term at no additional cost.
(a)The annual rental is $_____________________.
(b)Complete the following lease amortization schedule:

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The Answer of On January 1,2014,LOR Company rented a machine (3-year life,no residual value,straight-line)to LEE Company for a cash rental payable each December 31,20 *11,* 12,and x13.The rental is based on the regular sales price: cost,$35,665; sale price,$45,665.The agreed interest rate was 15% and the lessee retains the machine at the end of the lease term at no additional cost.
(a)The annual rental is $_____________________.
(b)Complete the following lease amortization schedule:

On January 1,2014,LOR Company Rented a Machine (3-Year Life,no Residual