On January 1, 2021, XYZ Company signed an 5 year lease agreement for equipment. Annual payments are $26400 and include $1,000 for maintenance. At the end of the lease, the equipment will revert to the lessor. The equipment has a useful life of 7 years and has no residual value. At the time of the lease agreement, the equipment has a fair value of $119000. An interest rate of 6% and straight-line depreciation are used. What is the present value of lease payments?