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Chicago leased machines from Brandon on December 31, 2021. The lease is a 10-year lease with annual payments of $152,000 due on December 31

Chicago leased machines from Brandon on December 31, 2021. The lease is a 10-year lease with annual payments of $152,000 due on December 31 of each year beginning December 31, 2021. The present value of the lease payments is $993,631. Chicago's incremental borrowing rate is 13% for this type of lease. The implicit rate of 11% is known by the lessee. What should be the balance in Chicago lease liability at December 31, 2022?

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