Ivanhoe Company, a machinery dealer, leased a machine to Oriole Corporation on January 1, 2025. The lease is for an 8 -year period and requires equal annual payments of $29,300 at the beginning of each yeat, The first payment is received on fanuary 1, 2025 . Ivanhoe had purchased the machine during 2024 for $160000. Collectibility of lease payments by Ivanhoe is probable. Ivanhoe set the annal rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Ivanhoe at the termination of the lease. Assame that Oriola Corporation does not know the rate implicit in the lease used by Ivanhoe, and Oriole's incremental bortowing rate is 8%. In addition, assume that Oriole incurs initial direct costs of $15,000. Click here to view factor tables (a) Compute the anount of the leave liability and risht-of-use asset for Oriole. (For cakulation purposes use 5 decimal places as diplured in the foctor tuble provided and round final answers to o decimal ploces es. 5,275. Lease liability Right -ot-use avset 5