On December 31, 2024, Pharoah Company leased machinery from Oriole Corporation for an agreed-upon lease term of 3 years. Pharoah agreed to make annual lease payments of $18,000, beginning on Decomber 31,2024 . The expected residual value of the machinery at the end of the lease term is $9,000, though Pharoah does not guarantee any residual value to Oriole. What amount will Pharosh 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 fable provided and round final answer to o decimat places, eg. 5,275.) Clicktiere to view factor tables. Lease liability $