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

Commencement date

Annual lease payment due at the beginning of

each year, beginning with May $1\mathrm{.}2025$

Bargain purchase option price at end of lease term

Lease term

Economic life of leased equipment

Lessor's cost

Fair value of asset at May $1,2025$

Lessor's implicit rate

Lessee's incremental borrowing rate

The collectibility of the lease payments by Marin 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, e$.$g$.5,275\mathrm{.}15.)$

Lease receivable at commencement

Lease receivable at commencement

$

$5$ years

$10$ years

$$65,000$

$$85,000\mathrm{.}04$

$8\%$

$8$