In its long-term liabilities section of its balance sheet at December 31, 20X1, Columbo Company reports a long-term operating lease liability of $82,004, net of the current portion of $13,327. Columbo makes $20,000 lease payments on December 31, 20X2, December 31, 20X3, and December 31, 20X4. Columbo’s incremental borrowing rate is 6%, and the implicit rate in the lease, which is known by Columbo, is 7%.

Required:

Compute the long-term operating lease liability at December 31, 20X3, assuming that the December 31, 20X3, payment has already been made.