Nichols fruits leased farm equipment from king machinery on january 1, 2018. the present value of the lease payments discounted at 10% was $40 million. ten annual lease payments of $6 million are due at the beginning of each year beginning january 1, 2018. king had constructed the equipment recently for $33 million. with this lease agreement, control is considered to be transferred to the lessee at the beginning of the lease. what amount did king record as a lease receivable?