GKD Ltd. signed a lease agreement on August 1, 2023 to lease some equipment from TLC Corp. The term of the lease was nine years, after which time the equipment was to become the property of GKD. TLC set the lease payments of $12,479.74 at the beginning of each period in order to earn an interest rate of 7%, and that rate was known to GKD.

Assume that GKD has a calendar year-end.

Click here to view the factor table

Click here to view the factor table

On GKDs December 31, 2023 statement of financial position, what amounts related to this lease would GKD report for (a) current liabilities and (b) long-term liabilities?(Round factor values to 5 decimal places, e.g. 1.25124. Round answers to 2 decimal places, e.g. 52.75.)

Current liabilities $

Long-term liabilities $