Barnum, Inc., leased equipment from Baily Supply on December 31, 2008. The lease term is for the10-year period expiring December 30, 2018. The useful life of the leased asset is 10 years. Equal annu-al payments under the lease are $100,000 due on December 31 of each year. The first payment wasmade on December 31, 2008. Barnums incremental borrowing rate was 12% at December 31, 2008.Bailys implicit rate for the lease is 10% and is known by Barnum. Barnum appropriately accounts forthe lease as a capital lease What is the balance in Barnums Liability Under Lease Agreements account at December 31, 2009?a.$533,492b.$545,010c.$643,492d.$800,000