On January $1,2024,$ Stone leased an office building. Terms of the lease require Stone to make $20$ annual lease payments of $$124,000$ beginning on January $1,2024.$ An $11\%$ 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: Round your final answers to nearest whole dollar amount.

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Table, Excel, or calculator function

Table, Excel, or calculator function:

Payment:

n $=$

i $=$

Liability: