On January 1, 2019 SaniTruck, Inc. leases two specialized materials cleanup trucks with a fair value of $79,205 from TruxCo., a financing intermediary, for a lease term of 7 years. TruxCo. includes an ongoing maintenance contract, charged at $3,000 per year, as part of the lease payments of $20,000 per year, payable on January 1 each year starting in 2019. Also included in the payments is legally required hazard insurance of $1,500 per year. Assuming that SaniTruck wishes to minimize the amount of lease payable recorded, at what amount should SaniTruck initially record a right-of-use asset at the beginning of the lease? Additional information: Present value of an annuity due of $1 for 7 periods at 8% Present value of an annuity due of $1 for 7 periods at 18% Present value of an annuity due of $1 for 7 periods at 12% 5.62 5.36 5.11 Multiple Choice $79,205 $94,535 $86,870 $102.200