On December $31,2024,$ Wildhorse Company leased machinery from Blossom Corporation for an agreedupon lease term of $3$ years. Wildhorse agreed to make annual lease payments of $$16,500,$ beginning on December $31,2024.$ The expected residual value of the machinery at the end of the lease term is $$8,000.$

$($a$)$

What amount will Wildhorse record as its lease liability on December $31,2024,$ if its incremental borrowing rate is $8\%$ and the implicit rate of the lease is unknown? $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided and round final answer to $0$ decimal places, e$.$g$.5,275.)$

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Lease liability

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