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 L 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 4 "The Present Value of an Ordinary Annuity" Table 5 "The Present Value of an Annuity Due" $80,000 None of the answers above are correct. $60,747 $54,819 $68,037