Eagle Corp. acquired a piece of equipment from Bobcat Inc. u…

Eagle Corp. acquired a piece of equipment from Bobcat Inc. under a lease. The lease requires ten annual lease payments of $60,000 with the first payment due when the lease begins, on January 1, 2024. Future lease payments are due on January 1 of each year of the lease term. The interest rate in the lease is 8%. What amount should Eagle Corp. debit the equipment account on the date of acquisition. You must use the honorlock calculator to solve the problem. (Round answer to the nearest dollar).