Kingbird company lease is a automobile what is fair value of 20,299 from Jason motors Inc. on the following terms

Kingbird Company leases an automobile with a fair value of $20,299 from Jason Motors, Inc, on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $430 per month (at the beginning of each month). (The present value at 0.5% per month is $19,076.) 3. Kingbird guarantees a residual value of $1,030 (the present value at 0.5% per month is $803 ). Kingbird expects the probable residual value to be $1,030 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Kingbird's incremental borrowing rate is 6% a year ( 0.50% a month). Jason's implicit rate is unknown. What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal ploces, eg. 5.275.) Present value of the lease payments eTextbook and Media List of Accounts Attempts: 0 of 1 used