What should be the balance in francisco lease liability, Accounting Basics

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What should be the balance in francisco lease liability

Francisco leased equipment from Julio on December 31, 2009. The lease is a 10-year lease with annual payments of $150,000 due on December 31 of each year. The present value of the lease (at a 10% implicit interest rate) is $1,020,000. Francisco's incremental borrowing rate is 12% for this type of lease. The implicit rate of 10% is known by the lessee. What should be the balance in Francisco lease liability at December 31, 2010?

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