6. (6 points) Rocklin Corporation enters into an agreement with Orinda Rentals Co. on December 31, 2021 for the purpose of leasing a machine to be used in its manufacturing operations. The following data pertain to the agreement: (a) The term of the noncancelable lease is 8 years with no renewal option. Payments of $344,152 are due on December 31 of each year, and the first payment occurs on December 31, 2021. (b) Rocklin's incremental borrowing rate is 10% per year, but Rocklin is aware of the 8% implicit rate used by Orinda. (c) There is no residual value. Required: What is the amount of the reduction in the lease liability for Rocklin Corp. on December 31, 2023 of the lease? (Show computation.)