14 Francisco leated equipment from Julio on December 31, 2018. The lease is a 10-year lease with annual payments of $157,000 due on December 31 of each year beginning December 31, 2018. The present value of the lease payments is $1,110,000. Francisco's incremental borrowing rate is 12% for this type of lease. The implicit rate of 11% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2019? 2 points 03:16:17 Multiple Choice $900,830. $907,340. $898,330