Elsa Corp. entered into a nine-year finance lease on a warehouse on December 31, 2018. Lease payments of $31,000, which includes maintenance services of $1,600, are due annually, beginning on December 31, 2019, and every December 31 thereafter. Elsa Corp. does not know the interest rate implicit in the lease; Elsa's incremental borrowing rate is 12%. The rounded present value of an ordinary annuity for nine years at 12% is 5. What amount should Elsa report as recorded lease liability at December 31, 2018?