On 1/1/20, Bechtal Company leased machinery with a fair value of $1,600,000 from Green Corporation. The agreement is an 8-year noncancellable lease requiring annual payments of $250,000 beginning 1/1/20. Bechtal appropriately accounts for the lease as a financing lease, and is aware that the implicit rate in the lease is 7%. Prepare the amortization table and the journal entries Bechtal will make in 2022. What will Bechtal report as its lease liability at 12/31/22?

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