Question: Determining Lease Liability Applied Inc. signed a 1 0 - year lease for its corporate office space on January 2 . The first annual payment

Determining Lease Liability
Applied Inc. signed a 10-year lease for its corporate office space on January 2. The first annual payment of $104,000 is due immediately. Assuming an interest rate of 7%, what is the present value of the lease liability?
Round answer to the nearest whole dollar.
Do not use a negative sign with your answer.

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