The Hugo Company leased equipment from the Moon Company on January 1, 2020. Information about the lease is shown below:

Lease Payments, due at the end of each year	$12,000
Lease Term	8 years
Estimated useful life of the equipment	12 years
Hugo Company's incremental borrowing rate	12.00%
Fair market value of the equipment	$75,000
Hugo Company's depreciation method	Straight-line
No bargain purchase option, no transfer of ownership

Compute the present value of the minimum lease payments