Rons Data Corp.? (RDC) entered into a contract that provides RDC with the? right-of-use of a vehicle for one year at which time the asset is returned to the lessor. The fair value of the car is? $40,000. Terms of the contract require RDC to make payments of? $1,000 per month with the first payment due on March? 31, 2018, the commencement date of the lease. RDC knows that the implicit rate in the lease is? 0.5% per month. Assume that RDC does not elect to expense leases of a? short-term nature. Determine the present value of the lease liability at the commencement date of the lease