Gail's Riding Academy (GRA) reports its financial results in accordance with IFRS. On January 1, 20X1, GRA, the lessen entered into an agreement to secure from the lessor for a six-year period. The required payment on the lease is $20,000 per annum, first due on January 1, 20x1, the commencement day of the agreement. The lessemuat return the equipment to the lessor at the end of the lease term. GRA guarantees the lessor that the equipment will be worth at least $18.000 at the end of the the expected payout under the guarantee is $12,000. The useful life of the equipment is estimated to be eight years. The implicit rate in the late is 45 per annum, which arody dermat by GRA GRA's incremental borrowing costs for transactions of this type are 5% per annum. What amount should GRA record as a lease by ons inception of the lease? #5103,262 595,544598,520 0:5118.520