Pharoah Company leased equipment to Concord Company on January 1, 2025. Five equal lease payments of $124000 will be made on January 1 of each year. The first lease payment will be made on January 1, 2025. One of the terms of the lease is a guaranteed residual amount of $41900. The residual expected by Concord is $15400. The lease meets the criteria of a finance lease. Concord is not aware of Pharoah's implicit interest rate and their incremental borrowing rate is 11%. What is the amount Concord will record as the lease liability/right-of-use asset on January 1, 2025 before the first payment is made? PV Annuity Due PV Ordinary Annuity PV Single Sum 11%, 5 periods 4.10245 3.69590 0.59345 $508704 $533570 $524430 $517843