Problem: On January 1 2016 Pearson Company signed a lease agreement requiring six annual payments of 60,000, beginning December 31, 2016. Pearson's incremental borrowing rate was 9% and the lessor's implicit rate, known by Pearson, was 10%. The present value factor of an ordinary annuity of $1 for interest rates of 9% and 10% are 4.48592 and 4.35526, respectively.
What would be the balance of the lease obligation on January 1, 2017, for financial reporting after the lease payment?
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