Reporting a Finance Lease

Pier$10$ Inc. entered into a five$-$year lease and recorded a right$-$of$-$use asset and lease liability of $$88,000$ on January $1.$ Pier$10$ Inc. was aware of the lessor's implicit rate of interest of $5\%.$ The equipment under lease ha an estimated five$-$year useful life with no residual value. The first lease payment of $$19,358$ was due upon commencement of the lease.

Show the balance sheet presentation on December $31,$ and the income statement presentation for the year ended December $31.$

Note: Round your answers to the nearest whole dollar.

Note: Do not use negative signs with your answers.

$\backslash$table$[[$Balance Sheet,,December $31],[$Assets$,,,,],[$Noncurrent assets:,,,,$],[$Right$-$of$-$Use Asset,widehat$(AA),$$$,88,000,x$