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Metlock Company leases an automobile with a fair value of $16,767 from John Simon Motors, Inc., on the following terms:
1. Non-cancelable term of 50 months.
2. Rental of $350 per month (at the beginning of each month).
3. Metlock guarantees a residual value of $1,170. Delaney expects the probable residual value to be $1,170 at the end of the lease term.
4. Estimated economic life of the automobile is 60 months.5.Metlock's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown.
Question 1: What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal places, e.g. 5,275.)
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