The following facts pertain to a non-cancelable lease agreement between Shamrock Leasing Company and Pharoah Company, a lessee. Commencement date May 1, 2025 Annual lease payment due at the beginning of each year, beginning with May 1,2025 $15,121.69 Bargain purchase option price at end of lease term $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $50,000 Fair value of asset at May 1, 2025 $73,299.63 Lessor's implicit rate Lessee's incremental borrowing rate 4 % 4 % The collectibility of the lease payments by Shamrock 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. 5,275.15.) Lease receivable at commencement $