Fitbit Ltd has leased a machine on the following terms: Date of entering lease Duration of lease Life of asset Unguaranteed residual value Lease payments inception (at the start) Annual payments (5) Implied rate 11.0 % Required: 1 July 2019 5 years 6 years $40,000 $60,000 $65,000 Determine the Fair Value (rounded off) of the leased asset. (7 marks)