19-04 *CLEARLY HIGHLIGHT EACH ANSWER - WILL UPVOTE CORRECT RESPONSE AS I CAN GRADE QUESTION IMMEDIATELY*

Financial Statement Reporting for an Operating Lease Harmeling Paint Ball (HPB) Corporation needs a new air compressor that costs $80,000. HPB will need it for only 3 years even though the compressor's economice is long enough so that the lease is an operating lease. The firm can lease the compressor for 3 years with $30,000 lease payments at the end of each year. HPB's cost of debt is Answer the following questions. (Hint: See Table 19-1.) What is the initial lease labaity that must be reported on the balance sheet? Do not round intermediate calculations. Round your answer to the nearest cent, Enter your answer as a positive value $ b. What is the initial right-of-use asset? Do not round intermediate calculations, Round your answer to the nearest cent $ c. What will HPB report as the Year I lease expense? Round your answer to the nearest cont. Enter your answer as a positive value. d. What is the Year-1 imputed interest expense? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value e. What lease liability must be reported at Year 17 Do not round Intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value $ $ $ 1. What right-of-use asset must be reported at Year 17 Do not round Intermediate calculations. Round your answer to the nearest cent. $