QUESTION 10 On December 31, 2021. Lazor Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2029. Equal annual payments of $400,000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a financing lease on Lazor's books. The present value at December 31, 2021 of the eight lease payments over the lease term discounted at 10% is $2,347,370 Question: Assuming all payments are made on time, the amount that lease liability is reduced by on 12/31/22 is? Just write as a positive number QUESTION 11 Emporia Corporation is a lessee with a financing lease. The asset is recorded at $630,000. The lease term is 5 years. The asset is expected to have a fair value of $210,000 at the end of 5 years, and a fair value of $70,000 at the end of its economic life. The lease agreement provides for the transfer of title of the asset to the lessee at the end of the lease term Question: If depreciation expense for year 1 is properly recorded at $93,333, then what is the economic life of the asset? 01.10 2.8