Computing Lease Liability Lessee Company enters into a 6-year finance lease of non-specialized equipment with Lessor Company on January 1, 2020. Lessee has agreed to pay $44,800 annually beginning immediately on January 1, 2020. The lessor estimates the residual value of the equipment to be $8,000 at lease end, but the lessee has not guaranteed the residual value. The economic life of the asset is 7 years. The lessees incremental borrowing rate is 7% and the lessors implicit rate is not readily determinable by the lessee company. What is the value of the lease liability on January 1, 2020, assuming that the lease is properly classified as a finance lease?