On December $31,2024,$ Sheridan Company leased machinery from Sunland Corporation for an agreed$-$upon lease term of $3$ years. Sheridan agreed to make annual lease payments of $$16,000,$ beginning on December $31,2024.$ The expected residual value of the machinery at the end of the lease term is $$8,000.$

$($a$)$

$($b$)$

Sheridan guarantees a residual value of $$8,000$ at the end of the lease term. What if the expected residual value at the end of the lease term is $$5,000$ and Sheridan guarantees a residual of $$8,000?($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

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