26. On January 1, Erath Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Erath. The equipment cos Erath $430,000 and an expected useful life of sic years. Its normal sales price is $430,000. The residual value after four years is $100,000. Lease payments are due on December of each year, beginning with the first payment at the end of the first year. The interest rate is 11%. Calculate the amount of the annual lease payment (round your answer to nearest dollar.) The present value of $1: n = 4, i = 11% is 0.65873. The present value of an ordinary annuity of $1: N=4, i=11% is 3.10245 The present value of an annuity due of $1: n=4, i=11% is 3.44371. A. $105,737 B. $138,600 C. $117,368 D. $82,253