What is the liabiltiy that would be reported at the end of the year

Kendall County entered into a lease agreement to finance computer equipment used in government offices. The lease ccwers three years, end county officials ere reasonably certain thet funding end approvals will be renewed annually. At the inception of the lease, e payment of $640,000 will be made; additional annual leese payments of $640,000 ore to be mode near the end of each year. The total amount to be paid under this lease is The lease arrangements implied an annual interest rete of 3 percent. Therefore, the present value of the lease at inception, including the initial payment, is $1,864,620. Assume that the fair value of the equipment at the inception of the lease is Required a. Prepare entries required to record the inception of the lease in the General Fund, the debt service fund, and the governmental activities journaL b Prepare entries required to record the payment et the end of the first year of the lease in both the debt service fund and governmental activities journal. c-t Which financial statement prepared at the end of the first year would show both the asset and the liability related to this lease? c-2 Whet amount would the liability be reported at the end of the first year? Complete this question by entering your answers in the tabs below. Required A Required B Required CI Required C2 What amount would the liability be reported at the end of the first year? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) 621,358