On 4-1-2021, Tangential Company (lessor) agrees to rent equipment to the Morehouse Corporation (lessee). It is a six (6) year, noncancelable lease requiring Morehouse to pay Tangential $100,000 every 3-31 during the lease period (i.e., from 2022-2027). The lease allows Morehouse to use the equipment from 4-1-2021 through 3-31-2027. As of 4-1-2021, the equipment has an estimated economic life of 6 years with no expected residual (salvage) value at the end of that time (i.e., 3-31-2027). The lessor's implicit rate is 10% per year; this rate is known to the lessee. This is a finance lease for Morehouse Corporation (lessee). Related to the lease, what will be the book value of the liability (i.e., current and long-term) reported by Morehouse on the 12-31-2021 balance sheet