Monty Company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to Flounder Airlines for a period of 10 years. The normal selling price of the equipment is $265,292, and its unguaranteed residual value at the end of the lease term is estimated to be $20,100. Flounder will pay annual payments of $39,500 at the beginning of each year. Monty incurred costs of $163,200 in manufacturing the equipment and $4,200 in sales commissions in closing the lease. Monty has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 11%. Flounder Airlines has an incremental borrowing rate of 11%. (a) Your answer is correct. Discuss the nature of this lease in relation to the lessee. This is a Compute the amount of the initial lease liability. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) The amount of the initial lease liability $