On January 1, 2028, XYZ Company leased equipment from Young Leasing Company. The lease terms require annual payments of $100,000 for five years with the first payment being due on December 31, 2028. The interest rate on the lease is 10%, and XYZ Company will amortize the leased asset using the straight line method. At January 1, 2028, the equipment had an eight year remaining useful life and the lease contract requires the equipment to be returned to Young Leasing Company at the end of the lease Calculate the balance in the leased asset account reported in XYZ Company's December 31, 2029 balance sheet. You will need to use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to week 10. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this question.