For the initial measurement of the lease on January 1, 2032, what accounting treatment should Brewed Awakening Ltd apply for BrewMaestro, the state-of-the-art espresso machine, under the new lease standard?

a. Recognize the lease liability and right-of-use asset at the present value of future lease payments.
b. Recognize only the lease liability at the present value of future lease payments.
c. Recognize only the right-of-use asset at the present value of future lease payments.
d. No accounting treatment is required until Brewed Awakening makes the first lease payment.