Current Attempt in Progress On December 31, 2019, Blossom Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Blossom agreed to make annual lease payments of $12,000, beginning on December 31, 2019. The expected residual value of the machinery at the end of the lease term is $6,000, though Blossom does not guarantee any residual value to Terminator. What amount will Blossom record as its lease liability on December 31, 2019, if its incremental borrowing rate is 4% and the implicit rate of the lease is unknown? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places, e.g. 5,275.) Click here to view factor tables. Lease liability $ 34,313