On January $1,2018,$ Packard Corporation leased equipment to Hewlitt Company. The lease term is $10$ years. The first payment of $$460,000$ was made on January $1,2018.$ Remaining payments are made on December $31$ each year, beginning with December $31,2018.$ The equipment cost Packard Corporation $$2,495,300.$ The present value of the lease payments is $$2,735,300.$ The lease is appropriately classified as a sales$-$type lease. Assuming the interest rate for this lease is $14\%,$ what will be the balance reported as a liability by Hewlitt in the December $31,2019,$ balance sheet? $($Round final answer to the nearest dollar.$)$