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: $46,195 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.