Please correct the red X's please. Please list answer in the same format as the question.

Applying New Lease Accounting Standards for Operating Leases On January 1 of the current year, CCH Corporation entered into the following lease contract. Based on the facts, CCH Corporation classifies the lease as an operating lease. The company has a 5% cost of debt capital. Leased asset: Office space. Lease term: 5 years. Annual lease payment: $115,487 due at each year-end. Upfront fees: $10,000 paid in cash. Required Note: For the following questions, round your answers to the nearest whole dollar. a. Explain how the facts support the classification of the lease as an operating lease. Value of the leased asset is not being conveyed to CCH - b. Determine the amount of the lease liability that CCH will add to its balance sheet at the inception of the lease. $ 500,000 C. 1. What amount will be added to the balance sheet as an asset? $ 510,000 2. What will CCH Corporation call the asset on the balance sheet? Right-of-use asset d. Prepare a lease amortization schedule that shows the interest and principal portions of each lease payment. Implicit Interest Lease Amortization Lease Liability, End Lease Liability. (Lease Liability, (Lease payment - (Lease Liability, Start - Year Start Start