Firm A signed a lease contract with an equipment dealer on January 1, 2022. Firm A needs to make a rental payment of $80,000 at the beginning of each year, with the first payment due immediately. The lease contract has a non-cancellable lease term of five years. Assume a 10% discount rate. Required: i) Determine the amount of right-of-use assets and lease liability Firm A should recognize on January 1, 2022; ii) Determine the amount of interest expense relating to this lease Firm A should recognize for year 2022; iii) Suppose that the lease contract contains a renewal option, allowing firm A to renew the lease contract for another five years with an annual rental payment of $30,000 at the end of the above non-cancellable lease term, how will this affect the recognition of right-of-use assets and lease liability by Firm A on January 1, 2022?