On December 31, 2024, Sheridan Company leased machinery from Sunland Corporation for an agreed-upon lease term of 3 years. Sheridan agreed to make annual lease payments of $16,000, 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 Sheridan record as its lease liability on December 31, 2024, if its incremental borrowing rate is 4% 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.) Click here to view factor tables. Lease liability $