Macinski Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $50000 and fair value of $81000. Under the 3-year, non-cancelable contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1, 2017. Sharrer has an incremental borrowing rate of 9%. Macinski expects to earn an 8% return on its investment, and this implicit rate is known by Sharrer. The annual rentals are payable on each January 1st, beginning January 1, 2017.

Present value of an ordinary annuity of 1 for 3 periods at 8% : 2.57710

Present value of an ordinary annuity of 1 for 3 periods at 9% : 2.53130

Present value of annuity due of 1 for 3 periods at 8% : 2.78326

Present value of an annuity due of 1 for 3 periods at 9% : 2.75911

Indicate the amount the lessor would record for the lease recievable at inception: