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on january 1,2025, cheyenne company contracts to equipment for 5 years, agreeing to make a...

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Accounting

on january 1,2025, cheyenne company contracts to equipment for 5 years, agreeing to make a payment of 117027 at the beginning of each year, starting january 1,2025. the leased equipement is to be capitalized at 532000. the asset is to be amortized on double-declining-balance basis, and the obligation to be reduced on an effective-interest basis. cheyenne's incremental borrowing rate is 6% and the implicit rate in the lease is 5%, which is known by cheyenne. title to the equipment transfers to cheyenne at the end of the lease. the asset has an estimated useful life of 5 years and no residual value. what is the value og the lease liability if cheyenne also agreed to pay the fixed annual insurance on the equipment of $2000 at the same time as the rental payment?
lease liability ?

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