In 2021 a firm signed an operating lease for 10 years with annual payments of $6,000 to be remitted at the end of each year. The interest rate is 5%.

a. What are the financial statement effects at the inception of the lease (you can round to the dollar show your work in terms of inputs)?

Assets	=	Liabilities	+	Equity		Sales	-	Expenses	=	Profit

b. By how much would the Assets of the firm go up at inception if this lease was signed in 2010, under the old rules?