Drew Company leased equipment from Biggs Leasing on January 1, 2021. The lease term is for ten (10) years with equal annual rental payments of $8,000 at the beginning of each year. In addition, Drew has the option to purchase the equipment at the end of the lease term for $5,000. It is reasonably certain that Drew will exercise this purchase option. At the outset of the lease term, the equipment has a useful life of twelve (12) years and a fair value of $56,000. The implicit rate of the lease is not known to Drew. Drew's incremental borrowing rate is 12% A. Calculate the amount that Drew should record for the right-of-use asset and the lease liability. (Round to the nearest dollar. To get partial credit, show your calculations.) B. Prepare the journal entries that Drew should make on January 1, 2021 to 1) record the lease and to 2) record the first lease payment For the toolbar, press ALT+F10 (PC) or ALT+N+F10 Mac BIUS Paragraph v Arial 10