LEASES - Problem 7 (6 points) In 2022 a firm signed an operating lease for 6 years with annual payments of $24,000 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)? b. How much would the Lease Liability be reduced in the first year? Would that lease liability reduction be higher, lower, or the same if the lease was a finance lease? c. Would that first year lease liability reduction be higher, lower, or the same if the lease was a finance lease? d. By how much would the Assets of the firm go up at inception if this lease was signed in 2010, under the old rules