The following facts pertain to a non$-$cancelable lease agreement between Shamrock Leasing Company and Pharoah Company, a lessee.

Commencement date

May $1,2025$

Annual lease payment due at the beginning of

each year, beginning with May $1,2025$

$$15,121\mathrm{.}69$

Bargain purchase option price at end of lease term

$$4,000$

Lease term

$5$ years

Economic life of leased equipment

$10$ years

Lessor's cost

$$50,000$

Fair value of asset at May $1,2025$

$$73,299\mathrm{.}63$

Lessor's implicit rate

$4\%$

Lessee's incremental borrowing rate

$4\%$

The collectibility of the lease payments by Shamrock is probable.

Click here to view factor tables.

$($a$)$

Compute the amount of the lease receivable at commencement of the lease. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided and round answer to $2$ decimal places, eg$.5,275\mathrm{.}15.)$