On 1/1/19, Lansing Company leased machinery with a fair value of $1,600,000 from Green Corporation. The agreement is an 8-year noncancellable lease requiring annual paymentsof $250,000 beginning 12/31/19. Lansing appropriately accounts for the lease as a financing lease, and is aware that the implicit rate in the lease is 7%. What journal entry will Lansing make on 12/31/22? What will Lansing report as its lease liability at 12/31/22