On December 31, 2024, Oriole Company leased machinery from Ivanhoe Corporation for an agreed-upon lease term of 3 years. Oriole 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, though Oriole does not guarantee any residual value to Ivanhoe. What amount will Oriole 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 O decimal places, e.g. 5,275.)