On January 1, 2019, Bryant Athletic Company leased a piece of equipment from Stanford Inc. The following information relates to the lease and the leased equipment: The lease term is 4 years and the economic life of the asset is 6 years. The lease payments of $20,000 are made at the end of each year. The leased asset has a cost of $70,000 and a fair value of $82,228.14 to Stanford. The leased asset has a residual value of $33,801.03 at the end of year 4, which Bryant does NOT guarantee. Ownership of the leased equipment reverts back to Stanford at the end of the lease. The implicit interest rate in the lease is 12%, and Bryant knows this. The lease asset is not of a specialized nature. On January 1, 2019, what amount will Bryant record for the lease liability? The present value factors are as follows (n is the number of periods): Table 3 "The Present Value of $1" 8.0% 9.0% 10.0% 12.0% 14.0% I 0.925926 0.917431 0.909091 0.892857 0.877193 2 0.857339 0.841680 0.826446 0.797194 0.769468 3 0.793832 0.772183 0.751315 0.711780 0.674972 4 0.735030 0.708425 0.683013 0.635518 0.592080 5 0.680583 0.649931 0.620921 0.567427 0.519369 6 0.630170 0.596267 0.564474 0.506631 0.455587 7 0.583490 0.547034 0.513158 0.452349 0.399637 Table 4 "The Present Value of an Ordinary Annuity" 212 8.0% 9.0% 10.0% 0.925926 0.917431 0.909091 12.0% 0.892857 14.0% 0.877193 1.783265 1.759111 1.735537 1.690051 1.646661 3 2.577097 2.531295 2.486852 2.401831 2.321632 3.312127 3.239720 3.169865 3037240 Table 3 "The Present Value of $1 " 8.0% 9.0% 10.0% 12.0% 14.0% 1 0.925926 0.917431 0.909091 0.892857 0.877193 0.857339 0.841680 0.826446 0.797194 0.769468 3 0.793832 0.772183 0.751315 0.711780 0.674972 4 0.735030 0.708425 0.683013 0.635518 0.592080 S 0.680583 0.649931 0.620921 0.567427 0.519369 6 0.630170 0.596267 0.564474 0.506631 0.455587 0.583490 0.547034 0.513158 0.452349 0.399637 Table 4 "The Present Value of an Ordinary Annuity" " 8.0% 9.0% 10.0% 12.0% 14.0% 1 0.925926 0.917431 0.909091 0.892857 0.877193 2 1.783265 1.759111 1.735537 1.690051 1.646661 3 2.577097 2.531295 2.486852 2.401831 2,321632 3.312127 3.239720 3.169865 3.037349 2.913712 5 3.992710 3.889651 3.790787 3.604776 3.433081 6 4.622880 4.485919 4.355261 4.111407 3.888668 5.206370 5.032953 4.868419 4.563757 4.288305 Table 5 "The Present Value of an Annuity Due" 8.0% 9.0% 10.0% 12.0% 14.0% 1 1.000000 1.000000 1.000000 1.000000 1.000000 2 1.925926 1.917431 1.909091 1.892857 1.877193 3 2.783265 2.759111 2.735537 2.690051 2.646661 4 3.577097 3.531295 3.486852 3.401831 3.321632 5 4.312127 4.239720 4.169865 4.037349 3.913712 67 4.992710 4.889651 4.790787 4.604776 4.433081 5.622880 5.485919 5.355261 5.111407 4.888668