The following information relates to an equipment lease with an inception date of January 1: Fair value of equipment at lease inception, $56,000. Lease term, 5 years. Economic life of property, 6 years. Implicit interest rate, 7%. Annual lease payment due on December 31, $13,200. The equipment reverts back to the lessor at the end of the lease term. How much is recorded as the lease liability on the lease inception date? $56,000 $54,123 $66,000 $57,911