Sheridan Company leased equipment to Sheffield Company on January 1, 2025. Five equal lease payments of $115200 will be made on January 1 of each year. The first lease payment will be made on January 1, 2025. One of the terms of the lease is a guaranteed residual amount of $41800. The residual expected by Sheffield is $17600. The lease meets the criteria of a finance lease. Sheffield is not aware of Sheridan's implicit interest rate and their incremental borrowing rate is 11%. What is the amount Sheffield will record as the lease liability/right-of-use asset on January 1, 2025 before the first payment is made? 11%, 5 periods PV Annuity Due PV Ordinary Annuity PV Single Sum 4.10245 3.69590 0.59345