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E 11-35 Lessee; Lease modifications O LO11-3 On January 1, 2021, Natural Textiles leased an entire warehouse from Secure Storage. The lease is for five years. The lease calls for Natural to assume all costs of ownership and to make annual payments of $25,000 due at the beginning of each year. Natural uses the straight-line method of depreciation and pays 10% interest on borrowed money. Secure's implicit rate is unknown. Required: Treat each of the following requirements as independent. 1. Determine the balance of Natural Textiles right-of-use asset and lease liability at the end of 2022 2. Assume that the toward end of 2022. Natural successfully negotiates with Secure to reduce the leased warehouse arcato 50% of its original scope with effect from January 1, 2023. The lease payments for the remaining three years will be reduced to $15,000 due at the beginning of each year. Natural's incremental borrowing rate at the end of 2022 is 1296. What will be the balance of Natural Textiles' right-of-use asset and lease liability on January 1, 20237 Provide the appro- priate journal entries in your response. 3. Assume that toward the end of 2022, Natural successfully negotiates with Secure to lease another warehouse of the same area as its current leased warehouse with effect from January 1, 2023, till December 31, 2025. The case payments for the remaining three years will be increased by S15.000 due at the beginning of each year. Natural is aware the additional annual lease payment of SI5,000 for the second warehouse does not commensurate with the increase in the leased warehouse arca Natural's incremental borrowing rate at the end of 2022 is 12% What will be the balance of Natural Textiles' right-of-use asset and lease liability on January 1 20232 Provide the appropriate journal entries in your response