ABC Limited is a lessee and it entered into a non-cancellable lease agreement for a piece of equipment on 1 January 2019. The following data is relevant: The lease term is 4 years. Lease payments are $770,000 per annum, payable on 1 January of each year, with the first payment on 1 January 2019. The equipment has a useful life of 6 years with no residual value. ABC Limited depreciates similar equipment on a straight-line basis. The interest rate implicit in the lease is 8% per annum. Present value of an ordinary annuity of 1 for 4 years at 8% = 3.31213 Present value of an ordinary annuity of 1 for 6 years at 8% = 4.62288 Present value of an annuity due of 1 for 4 years at 8% = 3.5771 Present value of an annuity due of 1 for 6 years at 8% = 4.99271 Calculate the present value of the four lease payments on 1 January 2019. Round your answer to the nearest dollar.