On January 1, 2018, Naw Corporation leased a piece of machinery from Hofherr Bank. The lease is ain) 8 year, non-cancellable lease that requires lease payments of $5,000 du 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 need determine the present value of the lease payments so that they can record the asset and the liability at lease inception. Hoffherr Bank's implicit rate of 7% is known to Naw Corporation. Complete the following from the perspective of Naw Corporation. 0 O Which of the following financial statement iter is imparted in this transartian Leases Obligation The problem is solving for: Present Valur The calculation involves: An Annuity Due Table Method PV Annuity Due PMT x Factor x Date of Delivery Debit Accounts Credit To record the initial lease liability To record the first lease payment