On the last day of its fiscal year ending December 31, 2016, the Boatright Ship Builders leased two manufacturing facilities. Lease A requires 10 annual lease payments of $50,000 beginning on January 1, 2017. Lease B also is for 10 years with payments of $60,000 beginning January 1, 2018. Accounting standards require both teases to be recorded as liabilities for the present value of the scheduled payments. Assume that ar(8%)nterest rate properly reflects the time value of money for the lease obligations. Calculate the amount at which Boatright should record the lease liabilitiy for each lease, Lease A and Lease B. [10 points] To earn all points, show your work including the factor(s) used