Cullumber, Inc. leased equipment from Tower Company under a 4-year lease requiring equal annual payments of $354152, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. If Cullumber, Inc.'s incremental borrowing rate is 11% and the rate implicit in the lease (which is known by Cullumber, Inc.) is 9%, what is the amount recorded for the leased asset at the lease inception? PV Annuity Due PV Ordinary. Annuity 3.53129 3.23972 9%, 4 periods 11%, 4 periods 3.44371 3.10245 $1250613 $1098739 $1219597 $1147353