Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $154,000 due on December 31 of each year beginning December 31, 2021. The present value of the lease payments is $974,550. Francisco's incremental borrowing rate is 14% for this type of lease. The implicit rate of 12% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2022? Multiple Choice $765.016 5820.550 $771.526