Monterrey Properties enters into a 4-year lease for an automobile to be used in operation. The agreement obligates the company to make lease payments of $10,000 at the end of every year. Its useful economic life would be 8 years. Assume that the company's borrowing rate is 6%. The PV factor for 4 periods, 6%, ordinary annuity is 3.4651. How much are the lease liability and leasehold assets under IFRS? What expenses will Monterrey record for the first year of the lease under IFRS?