P$11\mathrm{.}3$ Capitalizing Operating Leases$-$Part $1$: Use the information presented in the following financial disclosures to measure the present value of the outstanding operating lease obligations as of the end of Years $0$ and $1,$ assuming annual payments and a $7\%$ discount rate. Also measure the present value of the additions to the lease obligations $($new leases$),$ the implicit interest on the capitalized lease obligations, and the lease asset amortization $($assuming a $10-$year life$)$ for Year $1.$

$\backslash$table$[[$Year o Financial Disclosure$],[$Year$,\backslash$table$[[$Finance$],[$Leases$]],\backslash$table$[[$Operating$],[$Leases$]]],[$Year $1..............,$$$1,200,$$$3,600$