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The following facts pertain to a non-cancelable lease agreement between Kingbird Leasing Company and Blossom Company, a lessee. Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $17,865.02 Bargain purchase option price at end of lease term $7,000 Lease term 5 yea rs Economic life of leased equipment 10 years Lessor's cost $65,000 Fair value of asset at May 1, 2020 $85,000 Lessor's implicit rate 6 % Lessee's incremental borrowing rate 6 % The collectibility ofthe lease payments by Kingbird is probable. Click here to View factor tables. (a) Compute the amount of the lease receivable at commencement of the lease. {For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answerto 2 decimal places, as. 5,275.15.) Lease receivable at commencement $ |:| Compute the amount of the lease receivable at commencement of the lease. {Formlculation purposes, use 5 decimal piaoes as displayed in the factor table provided and round answer to 2 decimal places, es. 5,275.15.) Lease receivable at commencement $ ':| eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (C) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above