1. L01 Brunswick Trucking has signed a five-year lease with Ford Credit Canada Ltd. on a new truck. Lease payments of $1900 are made at the beginning of each month. To purchase the truck, Brunswick Trucking would have had to borrow funds at 6.25% compounded monthly. a. What initial liability should Brunswick report on its balance sheet? b. How much will the liability be reduced during the first year of the lease?