On January 1,2021 , Packard Corporation leased equipment to Hewlitt Company. The lease term is 8 years. The first payment of $459,000 was made on January 1, 2021. Remaining payments are made on December 31 each year, beginning with December 31 , 2021. The equipment cost Packard Corporation $2,528,226. The present value of the lease payments is $2,553,764. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 12%, what will be the balance reported as a liability by Hewlitt in the December 31,2022 , balance sheet? (Round your final answer to nearest dollar.)