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The following facts are for a non-cancellable lease agreement between Sunland Corporation and Russell Corporation, a lessee: \begin{tabular}{|c|c|} \hline Inception date & July 1,2023 \\ \hline Annual lease payment due at the beginning of each year, starting July 1,2023 & $20,644.11 \\ \hline Bargain purchase option price at end of lease term reasonably certain to be exercised by Russell & $3,500.00 \\ \hline Lease term & 5 years \\ \hline Economic life of leased equipment & 10 years \\ \hline Lessor's cost & $55,600 \\ \hline Fair value of asset at July 1,2023 & $89,800 \\ \hline Lessor's implicit rate & 9% \\ \hline Lessee's incremental borrowing rate & 9% \\ \hline \end{tabular} The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. The lessee assumes responsibility for all executory costs. Both Russell and Sunland use IFRS 16. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Calculate the amount of net investment at the inception of the lease. (Round factor values to 5 decimal places, e.g. 1.25124 answers to 2 decimal places, e.g. 52.75.) Net investment $

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