On January 1, 2023, Cullumber Corp. enters into an agreement with Dietrich Rentals Inc. to lease a machine from them. Both corporations adhere to ASPE. The following data relate to the agreement: 1. The term of the non-cancellable lease is three years with no renewal option. Payments of $282622 are due on December 31 of each year. 2. The fair value of the machine on January 1,2023 , is $703000. The machine has a remaining economic life of 10 years, with no residual value. The machine reverts to the lessor upon the termination of the lease. 3. Cullumber depreciates all its machinery on a straight-line basis. 4. Cullumber's incremental borrowing rate is 10%. Cullumber does not have knowledge of the 8% implicit rate used by Dietrich. If Dietrich records this lease as a finance lease, what amount would be recorded as Lease Receivable at the inception of the lease? $703000 $282622 $701331 $847866