Determining Amounts in Operating Lease Kulver's Inc. leases equipment from Equip Inc. on January 1 under a 3-year operating lease. Kulver's agrees to pay Equip Inc. $22,500 annually with the first payment due on January 1 . As an incentive for Kulver's to sign the lease by January 1, Equip Inc. paid Kulver's Inc. $1,050. Kulver's also incurred legal fees for the review of the lease agreement ( $300 ) and salaries for employees involved in negotiating the lease ($1,950). 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 for Kulver's. Note: Round your answers to the nearest whole dollar