The following facts pertain to a non-cancelable lease agreement between Windsor Leasing Company and Wdhorse Company, a lessee. Commencement date May 1, 2017 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 $19,656.69 Bargain purchase option price at end of lease term $7,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $65,000 Fair value of asset at May 1, 2017 $93,000 Lessor's implicit rate 6 % Lessee's incremental borrowing rate 6 % The collectibility of the lease payments by Windsor is probable. Click here to View the factor table. Compute the amount of the lease receivable at commencement of the lease. Lease receivable at commencement $ 93000