On January 1, 2022, King Cones signed a long-term finance lease for a manufacturing facility. The terms of the lease required King to pay $29,000 annually, beginning December 31, 2022, and continuing each year for 18 years. On January 1, 2022, the present value of the lease payments is $223,347 discounted at the 11% interest rate implicit in the lease. What amount should be shown for the lease payable on King Cones balance sheet at December 31, 2022? Multiple Choice $223,347 $194,347 $493,000