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Pronghorn Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Stellar Medical Center for a period of 10 years. The normal selling price of the machine is $511,894, and its guaranteed residual value at the end of the non-cancelable lease term is estimated to be $15,000. The hospital will pay rents of $62,000 at the beginning of each year. Pronghorn incurred costs of $249,000 in manufacturing the machine and $13,800 in legal fees directly related to the signing of the lease. Pronghorn has determined that the collectibility of the lease payments is probable and that the implicit interest rate is 5%. Stellar Medical Center has an incremental borrowing rate of 5% and an expected residual value at the end of the lease of $10,000. Click here to view factor tables. Discuss the nature of this lease in relation to the lessee. The nature of this lease in relation to the lessee is finance lease Compute the amountofthe initial lease liability. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 5,275.) Initial lease liability $ Save for Later Last saved 21 hours ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes. (b) Attempts: O of 3 used Submit Answer