QUESTION 12 On January 1, 20X5, Gunvalson Corp. entered into a six-year lease agreement to lease electronic equipment. The equipment has an economic life of eight years and costs $380,000. Gunvalson has agreed to make annual payments of $65,000 at the beginning of each year with the first payment due on January 1, 20X5. At the end of the lease, the equipment is expected to have an unguaranteed residual value of $30,000. Gunvalson's incremental borrowing rate is 5%. The implicit rate in the lease which is readily determinable by Gunvalson is 4%. What amount should Gunvalson record as its lease liability on inception of the lease? O a $281,416 b.$354,368 OC$315,000 Od. $289,368