XYZ Corporation has entered into an operating lease agreement with LMN Realty for warehouse space, The fair value of the warchouse space is Rs$.350,000.$ The lease term is $5$ years, and the quarterly lease payments are Rs$.15,000.$ XYZ Corporation's incremental borrowing rate is $6\mathrm{.}5\%$ per annum.a$)$ Calculate the total lease payments over the $5-$year lease term.b$)$ Determine the initial liability recognized by XYZ Corporation for the operating lease.c$)$ Calculate the interest expense and the reduction of the liability for each of the $5$ years.