1. On Jan 1, 2019, XYZ Corp leased equipment for $5,000 per month for 7 years with a noncancelable lease, title does not transfer and no option to repurchase the equipment. The equipment has a useful life of 10 years. XYZ Corp make payments at the ending of each year. XYZ Corp report for this equipment for the year ended December 31, 2019, should be (3 Points) O Cr. Rent expense $35,000 O Cr. Lease liability $35,000 O Dr. Lease liability $60,000 O Dr. Rent expense $60,000