On December 31, Year 1, Strickland Corp. signed a 7-year finance lease for an airplane. The airplane's fair value was $688,500, which is the present value of the lease payments to be used to account for this finance lease. Strickland then made the first annual lease payment of $153,000 on December 31, Year 1. What amount should Strickland report as total finance lease liability in its December 31, Year 1 balance sheet? Select one: a. $841,500 b. $535,500 c. $688,500 d. $627,300