Tamarisk Company leases an automobile with a fair value of $19,488 from Brian Motors, Inc., on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $400 per month (at the beginning of each month). (The present value at 0.5% per month is $17,745.) 3. Tamarisk guarantees a residual value of $1,720 (the present value at 0.5% per month is $1,340 ). Tamarisk expects the probable residual value to be $1,720 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Tamarisk's incremental borrowing rate is 6% a year ( 0.50% a month). Brian's implicit rate is unknown. (b) Your answer is correct. What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal places, e.g. 5,275.) Present value of the lease payments \$ Based on the original fact pattern, record the lease on Tamarisk's books at the date of commencement. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)