112.On June 30, 2011, Blue, Inc. leased a machine from Big Leasing Corporation. The lease agreement qualifies as a capital lease and calls for Blue to make semi-annual lease payments of $281,454 over a three-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2011. Blue's incremental borrowing rate is 10%, the same rate Big uses to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year.
Determine the present value of the lease payments at June 30, 2011 (to the nearest $000) that Blue uses to record the leased asset and lease liability?