On January 1 2020, Jane Corporation (lessee) signed a five-year noncancelable a

lease for certain machinery. The terms of the lease called for Jane to make annual

payments of $100,000 at the beginning of each year for five years with the title

passing to Jean at the end of this period. The machinery has an estimated useful

life of six years and no salvage value. Jane uses the straight-line method of

depreciation for all of its fixed assets. Lessor set the annual rental to insure a 8%

rate of return and is known by Jane. Jane's incremental borrowing rate is 9% per

year. The present value of an annuity due of 1 for five years at 8% is 4.31213. The

present value of an annuity due of 1 for five years at 9% is 4.23972. The amount

that should be reported by Jane as the total lease liability on its December 31,2020

statement of financial position is...

$323,972.00

$353,129.48

c. $357,710.04

d. $331.213.00