On january 1, 2018, Naw Corporation leased a piece of machinery from Hoffherr Machinery. The lease is a(n) 8 year, non-cancellable lease that requires lease payments of $7,000 due at the beginning of each year. The lease has been determined to be a capital (finance) lease because at least one of the classification criteria has been met. Naw Corporation needs to determine the present value of the lease payments so that they can record the asset and the liability at lease inception. Hoffherr Machinery implicit rate of 7% is known to Naw Corporation. Complete the following from the perspective of Naw. Corporation Table Method Date of Delivery Accounts Debit Credit Ta record the initial lease liability. To record the first lease payment