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28. On January 1, 2017, Beard Company purchased a machine for $750,000. The machine is expected to have a 10- year-life and no residual value. On January 1, 2017, it leased the machine to Ajax Company for a three-year period at an annual rental of $160,000 to be paid at the end of each year. The lease has an implicit interest rate of 11%. Ajax has adopted early the provisions of ASC 842 on January 1, 2017. (10 points) a) What's the initial value of the lease liability for Ajax? b) What's the value of the lease liability at the end of 2017