On January $1,2024,$ Stone leased an office building. Terms of the lease require Stone to make

$20$ annual lease payments of $$125,000$ beginning on January $1,2024.$ A $12\%$ interest rate is

implicit in the lease agreement. At what amount should Stone record the lease liability on

January $1,2024,$ before any lease payments are made?

Note: For all requirements, Use tables, Excel, or a financial calculator. $(FV$ of $$1,$ PV of $$1,$ FVA of $$1,$

PVA of $$1,$FVAD of $$1$ and PVAD of $$1)$

Complete this question by entering your answers in the tabs below.

Required $1$

On January $1,2024,$ Stone leased an office building. Terms of the lease require Stone to make $20$ annual le

$$125,000$ beginning on January $1,2024.$ A $12\%$ interest rate is implicit in the lease agreement. At what am

record the lease liability on January $1,2024,$ before any lease payments are made?

Note: Round your final answers to nearest whole dollar amount.