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Roberts leased equipment from Jackson on January 1, 2022. The lease is a 10-year lease...

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Accounting

Roberts leased equipment from Jackson on January 1, 2022. The lease is a 10-year lease with annual payments of $100,000 due beginning on January 1, 2022, and at each December 31 thereafter through 2030. The present value of the lease payments is $724,689. Jackson's implicit rate of 8% is known by the lessee. What should be the balance in Roberts lease liability at December 31, 2022?

A $580,248.

B $576,425.

C $574,664.

D $582,664.

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