Elton Electronics leases testing equipment to Startup Corporation. The equipment is not specialized and is delivered on January 1, 2019. The fair value of the equipment is

$ 118,000. The cost of the equipment to Elton is $ 113,000 and the expected life of the testing equipment is 8 years. Elton incurs initial direct costs of $10,000, which they elect to expense. The lease term for the equipment is 8 years, with the first payment due upon delivery, and seven subsequent annual payments beginning on December 31, 2019 and ending on December 31, 2025. Elton's implicit rate is 4% and they expect that collection of the $ 14,500 lease payments is probable.

What is the principal balance in the Net Investment in Lease long - Sale type account at the commencement of the lease?