5. (7 points) On January 1, 2024, Radar Corporation leased equipment to Klinger Company. The lease term is eight years. The first payment of $450,000 was made on January 1, 2024. Remaining payments are made on December 31 each year, beginning with December 31, 2024. The equipment cost Radar Corporation $2,400,000. The present value of the lease payments is $2,640,788. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 10%, what will be the balance reported as a liability by Klinger in the December 31, 2025, balance sheet?