JKJ is leasing a piece of machinery. The term of the lease is six years and the economic life of the leased equipment is estimated to be 10 years. The present value of the lease payments is $90,000 and the fair market value of the equipment is $200,000. There is no transfer of ownership during the lease term or bargain purchase option. Lease payments are to be made at the beginning of each month, starting on the date the machinery is delivered. Under ASPE, what will be included in the entry on the date the leased machinery is delivered?

1.) debit Lease Liability

2.) debit Right-of-Use Asset

3.) debit Rent Expense

4.) debit Cash