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Eliza Ltd decided to lease from Ford Ltd a car that had a fair value at 30 June 2020 of $38,960

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Eliza Ltd decided to lease from Ford Ltd a car that had a fair value at 30 June 2020 of $38,960. The lease agreement contained the following provisions. Lease term 3 years Annual rental payments (commencing 30/6/20) $10,000 Guaranteed residual value (expected fair value at end of lease term) $12,000 The expected useful life of the vehicle is 5 years. The interest rate implicit in the lease is 8%. What is the present value of the Lease Liability? (round your answer to the nearest dollar if necessary). $35,297 $37,359 $38,121 O None of the above