Question: answer all parts a to f in same format as question thanks Financial Statement Reporting for a Financial Lease Harmeling Paint Ball (HPB) Corporation needs

Financial Statement Reporting for a Financial Lease Harmeling Paint Ball (HPB) Corporation needs a new air compressor that costs $42,000. HPB can lease the compressor for 3 years with $15,000 lease payments at the end of each year. HPB's cost of debt is 12% and its corporate tax rate is 30%. Answer the following questions. a. What is the initial lease liability that must be reported on the balance sheet? Initial lease liability =$ b. What is the initial right-of-use asset value? Initial right-of-use asset value =$ c. What will HPB report as the Year 1 lease expense? Year 1 imputed interest =$ Year 1 depreciation =$ d. What lease liability must be reported at the end of Year 1 ? Year 1 lease liability =$ e. What right-of-use asset must be reported at the end of Year 1? Year 1 right-of-use asset =$ f. What is the actual before- and after-tax cash payment for Year 1 ? Before tax: $ After tax: $
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