The following facts pertain to a non-cancelable lease agreement between Carmichael Leasing Company and Banket Company, a lessee.

(1)Commencement date: June 1, 2020.

(2)Annual lease payment due at the beginning of each year, beginning with June 1, 2020: $47,507.30.

(3)Bargain purchase option price at end of lease term: $12,000.

(4)Lease term: 4 years.

(5)Economic life of leased equipment: 12 years.

(6)Lessors cost: $161,000.

(7)Fair value of asset at June 1, 2020: $184,000.

(8)Lessors implicit rate: 6%.

(9)Lessees incremental borrowing rate: 6%.

(10)The collectibility of the lease payments by Carmichael is probable.

Compute the amount of the lease liability at the commencement of the lease from the Lessee perspective and the Lessor perspective.