Wildhorse Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an8-year period and requires equal annual payments of $32,737at the beginning of each year. The first payment is received on January 1, 2017. Wildhorse had purchased the machine during 2016 for $146,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Wildhorse. Wildhorse set the annual rental to ensure an11% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Wildhorse at the termination of the lease.

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Compute the amount of the lease receivable