Ivanhoe, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $380000 to Silver Point Co. The 5-year lease calls for a 10\% down payment and equal annual payments of \$149261 at the end of each year. The equipment has an expected useful life of 5 years. Silver Point's incremental borrowing rate is 9%, and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $680000, and the rate implicit in the lease is 7%, which is known to Silver Point Co. What is the book value of the leased asset at December 31, 2021? $680000$435200$544000$408000