Kulver's Inc. leases equipment from Equip Inc. on January 1, 2020, under a 3-year operating lease. Kulver's agrees to pay Equip Inc. $15,000 annually with the first payment due on January 1, 2020. As an incentive for Kulver's to sign the lease by January 1, Equip Inc, paid Kulver's Inc. $700. Kulver's also incurred legal fees for the review of the lease agreement ($200) and salaries for employees involved in negotiating the lease ($1,300). Assuming an incremental borrowing rate of 7% for Kulver's Inc., determine the value of the lease liability and the right-of-use asset on January 1, 2020, for Kulver's