On January $1,2024,$ Majestic Mantles leased a lathe from Equlpment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below:

Required:

What is Majestic's lease liability at the beginning of the lease $($after the first payment$)?$

What amount would Majestic record as a right$-$of$-$use asset?

What is the lease term in years?

What is the effective annual Interest rate?

Note: Round your percentage answer to $1$ decimal place.

What is the total amount of lease payments?

What is the total effective interest expense recorded over the term of the lease?

$\backslash$table$[[1.$ Lease liability,,$],[2.$ Right$-$of$-$use asset,,$],[3.$ Lease term,,years$],[4.$ Effective annual interest rate,,$\%$