PVP Corp leased a truck on 1/1/2014. The lease requires PVP Corp to make 5 annual payments of $20,000 beginning on 1/1/2014. At the end of the lease PVP Corp guarantees the residual value of the truck will total $6,000. The lease qualifies as a capital lease. The interest rate implicit in the lease is 10%. Present value factors at 10% are as follows:

For an annuity due with 5 payments, 4.16986

For an ordinary annuity with 5 payments, 3.79079

Present value of $1 for 5 periods, 0.62092

Show calculations to determine the amount for PVP Corp