Financial Statement Reporting for a Finance Lease Reynolds Construction (RC) needs a piece of equipment that costs $80,000. The equipment has an economic life of 2 years and no residual value. The equipment will not require maintenance because its usehalf is so short. RC can borrow the full cost of the wipment at an interest rate of 105 with payments due at the end of the you. Alternatively, can the equipment for $45,000 with payments due at the end of the year. Assume RC chooses the lease, which is a finance lease for financial reporting purposes, Answer the following question. See 19-11) 3. What is the initial lease ability that must be reported on the balance sheet? Do not round Intermediate calculation Round your answer to the center your answers Value What is the initial right-of-use wet? De not round intermediate calculation Hound your answer to the nearest cont. W W report as an interest experiet ar Round your answer to the nearest cant Enter your answer aspective value 4. what will reports an amortization expense at var 17 Do not round intermediate calculation Hound your answer to the nearest contenter your answer as a pievalie. What will report as the lease ability at Year 17 Do not round intermediate calculation Round your answer to the nearest contenter your positive What will reports the right of-use ascut a year 17 De not round intermediate calculation and your wer to the narrat Financial Statement Reporting for a Finance Lease Reynolds Construction (RC) needs a piece of equipment that costs $80,000. The equipment has an economic life of 2 years and no residual value. The equipment will not require maintenance because its usehalf is so short. RC can borrow the full cost of the wipment at an interest rate of 105 with payments due at the end of the you. Alternatively, can the equipment for $45,000 with payments due at the end of the year. Assume RC chooses the lease, which is a finance lease for financial reporting purposes, Answer the following question. See 19-11) 3. What is the initial lease ability that must be reported on the balance sheet? Do not round Intermediate calculation Round your answer to the center your answers Value What is the initial right-of-use wet? De not round intermediate calculation Hound your answer to the nearest cont. W W report as an interest experiet ar Round your answer to the nearest cant Enter your answer aspective value 4. what will reports an amortization expense at var 17 Do not round intermediate calculation Hound your answer to the nearest contenter your answer as a pievalie. What will report as the lease ability at Year 17 Do not round intermediate calculation Round your answer to the nearest contenter your positive What will reports the right of-use ascut a year 17 De not round intermediate calculation and your wer to the narrat