Whiterun Ltd leases a boat to Riverwood Ltd. The lease has the following terms: The lease is for a three year period, commencing 1 July 2020. The lease payments are to be made in advance, with the first payment on 1 July 2020. Each lease payment is to be for $20 000. The expected residual value of the boat is $5 000. Riverwood Ltd guarantees $4 000 of the residual value. The interest rate implicit in the lease is 5%. Assuming that Whiterun Ltd does not incur any initial direct costs and that the lease is a finance lease, what is the amount of the lease receivable which they should recognise at the start of the lease?

$57 188

$58 784

$60 644

$61 507