On December 31, 2020, Carla Vista Corporation leased a ship from Fort Company for an 8-year period expiring December 30, 2028. Equal annual payments of $570000 are due on December 31 of each year, beginning with December 31, 2018. The lease is properly classified as a finance lease on Carla Vista's books. The present value at December 31, 2020 of the eight lease payments over the lease term discounted at 11% is $2933290. Assuming all payments are made on time, the amount that should be reported by Carla Vista Corporation as the total obligation under financelleases on its December 31, 2021 balance sheet is