On January 1, 2023, Ivanhoe Corp. enters into an agreement with Nicki Rentals Inc. to lease a machine from Nicki Rentals. 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 2. The fair value of the machine on January 1,2023 , is $1595000. The machine has a rem 3. Ivanhoe depreciates all its machinery on a straight-line basis. 4. Ivanhoe's incremental borrowing rate is 10%. Ivanhoe does not have knowledge of the Click here to view the factor table. From Ivanhoe's perspective, what is the present value of the lease payments? (Round present value factor calculations to 5 decimal places, e.g. 1.25124.) $1541715$1579925$1385175$1503137