Question: Please show how you got the answer. 32. Ralph Inc. leased equipment from Ferry Company under a four-year lease requiring equal annual payments of $344,152,

Please show how you got the answer.

32. Ralph Inc. leased equipment from Ferry Company under a four-year lease requiring equal annual payments of $344,152, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4 year useful life and no salvage value. Ralph, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Ralph, Inc.) is 8%. Assuming that this lease is properly classified as a finance lease, what is the amount of Lease Liability reduction recorded in first year after the lease inception

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