Exercise 21-9 (Part Level Submission) The following facts pertain to a noncancelable lease agreement between Pronghorn Leasing Company and Stellar Company, a lessee. Inception date: Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 Bargain-purchase Lease termm Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate $21,737.01 $3,800 option price at end of lease term 5 years 10 years $68,000 $93,000 10% 10% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs Compute the amount of the lease receivable at the inception of the lease. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round answers to 2 decimal places, e.g. 16.25.) Lease receivable at inceptions LIST OF ACCOUNTS