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Bramble Corporation entered into a lease agreement on January 1, 2020, to provide Cullumber Company with a piece of machinery. The terms of the lease agreement were as follows. 1. The lease is to be for 3 years with rental payments of $13,768 to be made at the beginning of each year. 2. The machinery has a fair value of $60,000, a book value of $40,000, and an economic life of 8 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $25,000, none of which is guaranteed. 4. The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature. 5. The implicit rate is 6%, which is known by Cullumber. 6. Collectibility of the payments is probable. Click here to view factor tables. Prepare the amortization schedules Cullumber will use over the lease term. Lease Expense Schedule (C) Amortization of (A) Straight-Line (B)(andLiability)Right-of-UseAsset Interest on Lease Liability Carrying Value of Right-of-Use Asset $ $ $ eTextbook and Media List of Accounts Bramble Corporation entered into a lease agreement on January 1, 2020, to provide Cullumber Company with a piece of machinery. The terms of the lease agreement were as follows. 1. The lease is to be for 3 years with rental payments of $13,768 to be made at the beginning of each year. 2. The machinery has a fair value of $60,000, a book value of $40,000, and an economic life of 8 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $25,000, none of which is guaranteed. 4. The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature. 5. The implicit rate is 6%, which is known by Cullumber. 6. Collectibility of the payments is probable. Click here to view factor tables. Prepare the amortization schedules Cullumber will use over the lease term. Lease Expense Schedule (C) Amortization of (A) Straight-Line (B)(andLiability)Right-of-UseAsset Interest on Lease Liability Carrying Value of Right-of-Use Asset $ $ $ eTextbook and Media List of Accounts

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