On January 1 of Year 1, Yogart Inc. signed a 10-year lease for its retail outlet. The lease payments, paid semiannually each January 1 and July 1 , are based upon semiannual sales and equal 5% of sales with a semiannual sales minimum of $2,500,000. Based on the previous three years, average sales per serniannual period are $3,000,000. Yogart's incremental borrowing rate is 6\% and it is unaware of the rate implicit in the lease. The lease is classified as an operating lease by Yogart. The first semiannual payment of $125,000, calculated as 5% of $2,500,000, is due immediately on January 1 of Year 1. Yogart's accounting year ends June 30. Required a. Calculate the lease liability recorded by Yogart Inc. on January 1 of Year 1. - Note: Round your answers to the nearest whole dollar. Lease liability: 5 b. Calculate the right-of-use asset recorded by Yogart Inc. on January 1 of Year 1. Right-of-Use Asset: \$ x c. Prepare a schedule of the lease liability for the first year of the lease term. - Note: Round each amount in the schedule to the nearest whole dollar. Use the rounded amount for later calculations in the schedule