Save Answer Madison Company leased equipment from Supreme Leasing Co. on January 1, 2021, in an operating lease. The present value of the lease payments discounts at 5% was $264,000. Six annual lease payments of $50,000 are due each January 1, beginning January 1, 2021. The amount of right-of-use asset reported on December 31, 2021 balance sheet would be: $220,000 $225,270 $222,370 $224,700 tindo