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Check my 5 Problem 16-21 Financial statement effects of leases (LO 16-4) The Harris Company is the lessee on a four-year lease with the following payments at the end of each year: Book Year 11 Year 21 Year 31 Year 4: $13,000 $18.000 $23,000 $28,000 Hint Print An appropriate discount rate is 7 entage, yielding a present value of $68,007, rences a-1. If the lease is an operating lease. what will be the initial value of the right-of-use asset? Initial value of the right-of-use asset 68,007 a-3. If the lease is an operating lease, what will be the lease expense shown on the income statement at the end of year 12 ces Lease expense