Sunland Company, a machinery dealer, leased a machine to Carla Vista Corporation on January $1,2025.$ The lease is for an $8-$year period and requires equal annual payments of $$34,300$ at the beginning of each year. The first payment is received on January $1,2025.$ Sunland had purchased the machine during $2024$ for $$160,000.$ Collectibility of lease payments by Sunland is probable. Sunland set the annual rental to ensure $a\%$ rate of return. The machine has an economic life of $10$ years with no residual value and reverts to Sunland at the termination of the lease. Assume that Carla Vista Corporation does not know the rate implicit in the lease used by Sunland, and Carla Vista's incremental borrowing rate is $8\%.$ In addition, assume that Carla Vista incurs initial direct costs of $$10,000.$

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$($a$)$

Compute the amount of the lease liability and right$-$of$-$use asset for Carla Vista. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided and round final answers to O decimal places eg$.5,275.)$

Lease liability

$

Right$-$of$-$use asset

$

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$($b$)$

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