17. Becker Company leases a piece of machinery to Thorp Company on January 1, 2017, under the following terms: -The lease is to be for 4 years with rental payments of $12,471 to be made at the beginning of each year. -The machinery' has a fair value of $67,000, a book value of $50,000 and an economic life of 10 years. -At the end of the lease term, both parties expect the machinery to have a residual value of $25,000. To protect against a large loss, Becker requests Thorp to guarantee $17,500 of the residual value, which Thorp agrees to do. -The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase options, and the asset is not of a specialized nature. -The implicit rate is 5%, which is known by Thorp. What is the carrying value of the lease liability at December 31, 2017