Income Question 32 0/12 pts The following facts pertain to a non-cancelable lease agreement between a Leasing Company and lessee. Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $20.700 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $65.000 Fair value of asset at May 1, 2020 $92.000 8% Lessor's implicit rate $10,000 Fees related to leasing contract and inception, paid by lessee 5500 Monthly cost for insurance coverage of leased asset, paid by tessee monthly $4,000 Marketing expense incurred by lessor before lease inception The collectibility of the lease payments is probable. How would the lessee classify the lease? Compute the amount of the lease payable and right-of-use asset at commencement of the lease. Compute the amount of lease receivable recorded by the lessor at lease Inception, (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to decimal places, es $275, enter numbers with no commes.) What is the lease classification for the lessee? (operating short-term, sales-type, sales-type with a selling proft, or finance! Operating What is the Lease Receivable account balance at lease commencements 82649 What is the Right -of-use Asset account balance at lease commencements 92649 What is the lease Receivable account balance at lease commencements