On January $1.2023.$ Riverbed Corp. leased a building to Marin Inc. Both companies follow ASPE. The lease arrangement was for $10$ years. The leased building cost $$4,900,000$ and was purchased for cash on January $1,2023.$ The building was to be depreciated on a straight$-$line basis over its estimated economic life of $50$ years. The lease called for payments of $$294,000$ per year, made at the end of the year. Property tax expense of $$74,000$ and insurance expense of $$15,000$ on the building were incurred by Riverbed in the first year. Payment on these two items was made at the end of the year. The market rate of interest is $6\%.$