On January 1, 2018, Field Company entered into a four-year lease for machinery with annual payments of $1,100 due at the beginning of the year.Field also paid initial direct costs of $475 and the implicit rate of interest is 4%.What is the value of the lease liability (rounded to the nearest dollar) at the commencement of the lease?

Group of answer choices

$3,053

$3,300

$4,153

$4,628