Teal Mountain Corporation recorded a right$-$of$-$use asset for $$312,900$ as a result of a finance lease on December $31,2024.$ Teal Mountain's incremental borrowing rate is $10\%,$ and the implicit rate of the lessor was not known at the commencement of the lease.Teal Mountain made the first lease payment of $$58,429$ on December $31,2024.$ The lease requires $7$ annual payments. The equipment has a useful life of $7$ years with no residual value.