Kulver's Inc. leases equipment from Equip Inc. on January 1, 2020, under a 3-year operating lease. Kulver's agrees to pay Equip Inc. \(\$ 15,000\) annually with the first payment due on January 1, 2020. As an incentive for Kulver's to sign the lease by January 1, Equip Inc. paid Kulver's Inc. \(\$ 700\). Kulver's also incurred legal fees for the review of the lease agreement \((\$ 200)\) and salaries for employees involved in negotiating the lease \((\$ 1,300)\). Assuming an incremental borrowing rate of \(7 \%\) for Kulver's Inc., determine the value of the lease liability and the right-of-use asset on January 1, 2020, for Kulver's.