Company XYZ enters into a contract to lease machinery from a lessor with the following parameters:

Lease term $($years$)$: $4$

Annual lease payment: $$93,000$

Implicit annual interest rate: $10\%$

Guaranteed residual value: $$49,000$

Expected residual value: $$38,000$

The first payment will be made on the first day of the lease.

What amount should Company XYZ record as the initial lease liability, before the first payment is made?

$-$Pay attention to the residual.