Jelly Co. processes jam and sells it to the public. It leases its production equipment from Squishy, Inc. The fair market value of the production equipment is between $69,000 and $73,000. The lease term is 5 years and it requires a payments of $15,000 on June 1, 2020, 2021, 2022, 2023, and 2024. In addition, there an option to renew the lease on September 1, 2025 for one more year for $10,000. Jelly expects to exercise this option. The estimated useful life of the equipment is 6 years. Jellys incremental borrowing rate is 8%. The incremental rate of Squishy is unknown. What is the present value of the lease obligation to Jelly on June 1, 2020?