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On December 31, 2019, Blossom Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Blossom agreed to make annual lease payments of $22,000, beginning on December 31, 2019. The expected residual value of the machinery at the end of the lease term is $11,000. Blossom guarantees a residual value of $11,000 at the end of the lease term, which equals the expected residual value of the machinery.
Problem 1: What amount will Blossom record as its lease liability if the expected residual value at the end of the lease term is $7,000 and Blossom guarantees a residual of $11,000. Its incremental borrowing rate is 10% and the implicit rate of the lease is unknown? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places, e.g. 5,275.)
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