On January $1,2011$ Nagani Corp. entered into a nine$-$year capital lease on a warehouse. Lease payments of $$50,000$ are due annually, beginning on December $31,2011,$ and every December $31$ thereafter. Nagani does not know the interest rate implicit in the lease; Nagani's incremental borrowing rate is $9\%.$ What amount should Nagar report as capitalized lease liahility at December $31,$ year $2011?$