Determining Amounts in Operating Lease$-$Lessee

Kulver's Inc. leases equipment from Equip Inc. on January $1$ under a $3-$year operating lease. Kulver's agrees to pay Equip Inc. $$15,000$ annually with the first payment due on January $1.$ As an incentive for Kulver's to sign the lease by January $1,$ Equip Inc. paid Kulver's Inc. $$700.$ Kulver's also incurred legal fees for the review of the lease agreement $($ $$200)$ and salaries for employees involved in negotiating the lease $($$$1,300).$ Assuming an incremental borrowing rate of $7\%$ for Kulver's Inc., determine the value of the lease liability and the right$-$ofuse asset on January $1$ for Kulver's.

Note: Round your answers to the nearest whole dollar.

$\backslash$table$[[$Lease liability,$$,11,620x$