Francisco leased equipment from Julio on December 31, 2016. The lease is a 10-year lease with annual payments of $151,000 due on December 31 of each year beginning December 31, 2016. The present value of the lease (at a 11% Implicit interest rate) is $987, 087. Francisco's Incremental borrowing rate is 12% for this type of lease. The implicit rate of 11% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2017? $776, 557 $836, 087 $777057. $783, 567