Francisco leased equipment from Julio 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 $1,101,527. Francisco's incremental borrowing rate is 10% for this type of lease. The implicit rate of 8% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2022? Multiple Choice $870,489. O $879,999. $949,527 O $873,489