On December 31, 2021, Oriole Corporation leased a plane from Bell Company for an 7-year period expiring December 31, 2028. Equal annual payments of $453000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a finance lease on Orioles books. The present value at December 31, 2021 of the 8 lease payments over the lease term discounted at 9% is $2732928. Assuming the first payment is made on time, the amount that should be reported by Oriole Corporation as the lease liability on its December 31, 2021 balance sheet is

$2525891.

$2279928.

$2732928.

$2485121.