The following facts pertain to a non-cancelable lease agreement between Larkspur Leasing Company and Crane Company, a lessee. Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $15,138.16 Bargain purchase option price at end of lease term $4,000 Lease term 5 yea rs Economic life of leased equipment 10 years Lessor's cost $50,000 Fair value of asset at May 1, 2020 $68,000 Lessor's implicit rate 8 % Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Larkspur is probable. Click here to View factor tables. (a) X Youranswerisincorrect. Compute the amount of the lease receivable at commencement of the lease. {Forcalculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places. es. 5,275.15.) Lease receivable at commencement $ 68,680.58