Question 22 Not yet answered Marked out of 1.25 Flag question On January 2, 2022, Hogan AG leases a machine with a fair value of 35,000 from Snead SE on the following terms: Noncancelable term of 4 years. Rental of 8,825 per year (at beginning of each year). Hogan AG guarantees the residual value and expects to pay 4,000 at the end of the lease. Estimated economic life of the machine is 5 years. Hogan's incremental borrowing rate is 8% a year. Snead's implicit rate is unknown PV of 1 annuity due at 8% for four years equals 3.560; PV of 1 received in four years, discounted at 8% equals 0.735. What is the present value of the lease payments