On December 31, 2016, IU Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for IU Corporation to make payments of $12,108 at the beginning of each year, starting December 31, 2016. The machine has an estimated useful life of 8 years and a $6000 unguaranteed residual value. The machine reverts to the lessor at the end of the lease term. IU Corporation uses the straight-line method of depreciation for all of its plant assets. IUs incremental borrowing rate is 8 percent, and the lessors implicit rate is unknown. Compute the present value of IUs lease payments (rounded to the nearest dollar)