Monty Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7year period and requires equal annual payments of $22,370 at the beginning of each year. The first payment is received on January 1 . 2017. Monty had purchased the machine during 2016 for $71,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Monty. Monty set the annual rental to ensure an 7% rate of return. The machine has an economic life of 8 years with no residual value and reverts to Monty at the termination of the lease. (a) Compute the amount of the lease receivable. (Round present value factor calculations to 5 decimal places, e.s. 1.25124 and the final answer to 0 decimal places e.s. 58,971.) Lease Receivable