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

Commencement date May 1, 2020

Annual Lease payment due at the beginning of each year, beginning with May 1, 2020 $17865.02

Bargain purchase option price at end of lease term $7000.00

Lease Term 5 years

Economic life of lease equipment 10 years

Lessor's cost $65,000

Fair value of asset at May 1, 2020 $85,000

Lessor's Implicit rate 6%

Lessee's incremental borrowing rate 6%

The collectibility of the lease payments by Shamrock is probable

(a) compute the amount of the lease receivable at the commencement of the lease.