On December 31, 2024, Shamrock Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Shamrock to make annual payments of $12,196 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 8 years and a $6,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Shamrock uses the straight-line method of depreciation for all of its plant assets. -Shamrock's incremental borrowing rate is 9%, and the lessor's implicit rate is unknown. Click here to view factor tables. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places eg. 5, 275.) Present value of the lease payments