Please help with all parts of the question. Thank you!

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Assume that Johnson Builders leases medical equipment from Saint Michael's Machine Company. (Click the icon to view the terms of the lease.) (Click the icon to view the Present Value of $1 table.) Read the requirements. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity (Click the icon to view the Present Value of an Ordinary Annuity table.) Requirement a. Determine the lessee's initial measurement of the lease liability and the right-of-use asset. Note that the initial measurement is the same for both operating and finance leases. Before completing the requirement, identify the present value of the lease payments. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculation. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answer to the nearest whole dollar.) The present value (PV) of the payments due under the lease is $ More info The lease term is for 4 years, and Johnson must pay four annual rentals of $37,000 beginning on January 1, 2019, of the current year and every January 1 afterward. The implicit rate in the lease is 5%. Johnson prepaid Saint Michael's Machine Company the first payment of $37,000 on December 31, 2018 (the date the lease is executed, which is prior to the lease commencement date). Johnson received $10,000 from Saint Michael's Machine Company on the commencement date as an incentive to enter the lease agreement. Johnson incurred initial direct costs of $3,500 that were originally recorded as prepaid initial direct costs on December 31, 2018. The equipment has no residual value. Requirements a. Determine the lessee's initial measurement of the lease liability and the right-of-use asset. Note that the initial measurement is the same for both operating and finance leases. b. Prepare all journal entries necessary in order for Johnson to record the transactions described in the facts provided