Help Save & Exit Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $157,000 due on December 31 of each year beginning December 31, 2021. The present value of the lease payments is $1,026,316. Francisco's incremental borrowing rate is 13% 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, 2022? Multiple Choice $804,441 $869,316. $807,941. $814,451