Technic Inc, enters into a 12 year lease of a telecommunication server as a lessee. Lease payments are $11,000 per year payable at the end of each year. The interest rate implicit in the lease is 7% per annum. Technic Inc. expects to consume the telecommunication server's future economic benefits evenly over the lease term and, depreciates the asset on a straight-line basis. How should Technic Inc. account for the lease at the end of year? 12 The right-of-use asset and the lease liability recognized at lease inception is $98,370 and $87,370 respectively. Select the Excel icon to use a template to assist with the calculation. Select and drag the correct answers from the suggestions below into the blanks and then select Submit. Q A Dr Depreciation expense- B Cr D Dr Interest expense E Cr Lease liability A B C D E $7,790 Right-of-use asset $7,790 $5,774 $5,774 $8,197 Finance asset $8,197 $6,116 $6,116 ch