Assume that on December 31, 2024, Ivanhoe Aerospace signs a 8-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $164,510 beginning on December 31,2024. 2. The fair value of the building on December 31,2024 is $1,114,740. 3. The building has an estimated economic life of 10 years, a guaranteed residual value of $50,800, and an expected residual value of $35,700. Ivanhoe depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Ivanhoe's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Ivanhoe. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a). (b) (c) Suppose that in addition to the $164,510 annual rental payments, Ivanhoe is also required to pay $12,300 for insurance costs each year on the building directly to the lessor, Aero Field. What would be the amount of the initial measurement of the lease liability and right-of-use asset as a result of this executory cost? (Round answer to 0 decimal places, e.g. 5,275.)