2010 $ 5,000 $ 0,000 201? 5,000 0,000 2010 5,000 0,000 2015 5,000 2020 5,000 Total payrneuts $25,000 $10,000 Interest [10%) 6,046 Present value $10,954 The capital lease began on January 1, 2015 when the fair value of the capital lease was $21,225 [with a sixyear life). The operating lease began on January 1, 2010 when the fair value of the operating lease at the inception of the lease was $14,521 {Will a threeyear lease term). Straightline depreciation is used for all assets. Each lease requires equal annual payments to he made at yearend. Required: 1. Under existing US. GAAP, what is the amount of lease liability recorded on the balance sheet at January 1, 2010? 2. If the proposed changes in accounting for leases become authoritative, what would be the amount of lease liability recorded on the balance sheet at January 1, 2015? 3. Which approach (part 1 or part 2) do you think provides more relevant information to the users of the financial statements? Why