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On December 31, 2024, Carla Vista Company leased machinery from Sandhill Corporation for an agreed-upon...

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On December 31, 2024, Carla Vista Company leased machinery from Sandhill Corporation for an agreed-upon lease term of 3 years. Carla Vista agreed to make annual lease payments of $13,000, 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 Carla Vista record as its lease liability on December 31,2024 , if its incremental borrowing rate is 5% 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, eg. 5,275.) Click here to view factor tables. Lease liability $ Attempts: unlimited (b) The parts of this question must be completed in order. This part will be available when you complete the part above

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