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On December 31, 2024, Crane Company leased machinery from Cullumber Corporation for an agreed-upon lease term of 3 years. Crane agreed to make annual lease payments of $14,000, beginning on December 31, 2024. The expected residual value of the machinery at the end of the lease term is $7,000. (a) What amount will Crane record as its lease liability on December 31,2024, if its incremental borrowing rate is 6% and the implicit rate of the lease is unknown? (For calculation purposes, use 5 decimal places as displayed in the factor toble provided and round final answer to 0 decimat ploces, eg. 5,275. Clickhere to view factor tables. Lease liability