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Pharoah Ltd., which uses ASPE, recently expanded its operations into an adjoining municipality, and on March 30, 2020, it signed a 15-year lease with its Municipal Industrial Commission (MIC). The property has a total fair value of $525,000 on March 30,2020 , with one third of the amount attributable to the land and two thirds to the building. The land is expected to double in value over the next 15 years, while the building will depreciate by 60%. The lease includes a purchase option at the end of the lease that allows Pharoah to receive title to the property for a payment of $269,400, which is considered a BPO. Pharoah is required to make rental payments of $24,000 annually, with the first payment due March 30,2020 . The MIC's implicit interest rate, known to all, is 7%. The building's economic life is estimated at 25 years, at which time it will have a small residual value of $40,000. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Using time value of money tables, a financial calculator, or Excel functions, calculate the PV of the lease obligation. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275.) Present value of the lease obligation $