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Q. On January 1, 2007, Smith Co. Leased equipment by signing a five-year lease that required five payments of $30,000 due on January 1 of each year with the first payment due January 1, 2007. The equipment remains the property of the lesser at the end of the lease and Smith does not guarantee any residual value. Using a 10 percent cost of capital, Smith capitalized the lease on January 1, 2007, in the amount of $125,096. What is the amount of current portion of the lease liability Smith should report on the December 31, 2007, balance sheet?

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