71. On December 31, 2026, Lang Corporation leased a ship from Fort Company for an eightyear period expiring December 30, 2034. Equal annual payments of $500,000 are due on December 31 of each year, beginning with December 31,2026 . The lease is properly classified as a finance lease on Lang 's books. The present value at December 31, 2026 of the eight lease payments over the lease term discounted at 10% (the appropriate rate for Lange to use in this situation) is $2,934,210. Assuming all payments are made on time, the amount that should be reported by Lang Corporation as the total liability for finance leases on its December 31,2027 balance sheet is 71. On December 31, 2026, Lang Corporation leased a ship from Fort Company for an eightyear period expiring December 30, 2034. Equal annual payments of $500,000 are due on December 31 of each year, beginning with December 31,2026 . The lease is properly classified as a finance lease on Lang 's books. The present value at December 31, 2026 of the eight lease payments over the lease term discounted at 10% (the appropriate rate for Lange to use in this situation) is $2,934,210. Assuming all payments are made on time, the amount that should be reported by Lang Corporation as the total liability for finance leases on its December 31,2027 balance sheet is