What is the present value of the lease payments to determine the lease liability? (Round onswer to O decimal ploces, e. ,5,275 ) Present value of the iease payments. eTextbook and Media Record the lease on Kingbird's books at the date of commencement. (Credit occount titles are automatically indented when amount is entered. Do no: eTextbook and Media eTextbook List of Accounts Lust saved 1 second ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes. Ard AG leases an automobile with a fair value of 27.576 from Simon Motors, on the following terms. Nan:cancelabie term of 50 months: Rental of 6600 per month (at the beginning of each month), (The present value at 0.5% per month is 26,618 ) Kingbird guarantees a residual value of 1,040 (the present value at 0.5% per month is 4211. Kinghird expects the probable residual value to be 1,040 at the end of the lease term. Estimated economic life of the automobile is 60 months: Kinphird's incremental borrowing rate is 6% a year (0.5\% a month). Simon's implicit rate is unknown. Wire to view factor tabies: colculation purpoiec use 5 decimal places at displayed in the foctor table provided)