On December 29,204, Action Corp. signed a 7 -year finance lease for an airplane to transport its sports team around the country. The airplane's fair value was $841,500. Action made the first annual lease payment of $153,000 on December 31, 20X4. Action's incremental borrowing rate was 12%, and the interest rate implicit in the lease, which was known by Action, was 9%. The following are the rounded present value factors for an annuity due: What amount should Action report as lease liability in its December 31,204 balance sheet? $841,500 $627,300 $780,300 $688.500