Sheridan, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $530000 to Silver Point Co. The 5-year lease calls for a 10% down payment and equal annual payments of $187091 at the end of each year. The equipment has an expected useful life of 5 years. Silver Point's incremental borrowing rate is 10%, and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $830000, and the rate implicit in the lease is 8%, which is known to Silver Point Co. What is the book value of the leased asset at December 31, 2021? O $830000 O $664000 O $498000 O $531200