Crane, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $590000to Silver Point Co. The5-year lease calls for a10% down payment and equal annual payments of $200616at the end of each year. The equipment has an expected useful life of5years. Silver Point's incremental borrowing rate is10%, and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $890000, and the rate implicit in the lease is8%, which is known to Silver Point Co. How to calculate the book value of the leased asset at December 31, 2021?