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On December $31,2024,$ Sunland Company leased machinery from Sheridan Corporation for an agreed$-$upon lease term of $3$

years. Sunland agreed to make annual lease payments of $$20,000,$ beginning on December $31,2024.$ The expected residual value

of the machinery at the end of the lease term is $$10,000,$ though Sunland does not guarantee any residual value to Sheridan.

What amount will Sunland record as its lease liability on December $31,2024,$ if its incremental borrowing rate is $4\%$ 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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Lease liability $