Finandal statement Reporting for an Operating Lease Harmeling Paint Ball (HPB) Corporation needs a new air compressor that costs 480,000 , HaB will need it for only 5 years even though the compressor's economic life is long enough so that the lease is an operating leasn. The firm can lease the compressor for 5 yesrs with $20,000 loate payments ot the end of each yesr. HP.'s cost of debt is 10%. Answer the following questions. (Hint: See Table 19-1.). a. What is the initial lease labelty that must be reported on the balance sheet? Do not round intermediate calculations. Roued your answer to the nearest cent. Enter yosr answer as a positive value. 15 b. What is the intial rieht-of-use asset? Do not round intermediate caiculations. Hound your answer to the nearest cent. 5 c. What wili Hpa redort as the Year-t leave expense? Round your answer to the nearest cent, Enter your answer as a poitive value. $ d. What is the Year-1 imovted interest expense? Do not round intermed ate calculations. Round your answer to the nearest cent. Enter your ansaer as a postive value. is e. What lease labilty must be reported at Year 1 ? Do not round intermediate calculations. Round your answer to the nearest cent. Enter vour arswer as a pesitive value. 5 1. What riaht-of-use asset enust be reported at year 17 Do not round intermediate calculations. Round your answer to the nearest cent: 51