Metlock Company leases an automobile with a fair value of $16,767 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $350 per month (at the beginning of each month). (The present value at 0.5% per month is $15,528.) 3. Metlock guarantees a residual value of $1,170 (the present value at 0.5% per month is $912 ). Metlock expects the probable residual value to be $1,170 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Metlock's incremental borrowing rate is 6% a year (0.5\% a month). Simon's implicit rate is unknown. Record the second month's lease payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)