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On January 1, 2018,Johnstoneleased an office building. Terms of the lease requireJohnstoneto make 20 annual lease payments of $124,000 beginning on January 1, 2018. An

On January 1, 2018,Johnstoneleased an office building. Terms of the lease requireJohnstoneto make 20 annual lease payments of $124,000 beginning on January 1, 2018. An 11% interest rate is implicit in the lease agreement. At what amount shouldJohnstonerecord the lease liability on January 1, 2018, before any lease payments are made

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