On December $31,2024,$ Cullumber Company leased machinery from Ivanhoe Corporation for an agreed$-$upon lease term of $3$ years Cullumber agreed to make annual lease payments of $$22,000,$ beginning on December $31,2024.$ The expected residual value of the machinery at the end of the lease term is $$11,000.$Your answer is incorrect.

Cullumber guarantees a residual value of $$11,000$ at the end of the lease term. What if the expected residual value at the end

the lease term is $$8,000$ and Cullumber guarantees a residual of $$11,000?($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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Lease liability $