5 King Company leased equipment from Mann Industries. The lease agreement qualifies as a finance lease and requires annual lease payments of $53,974 over a five-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 6%. The asset being leased cost Mann $191,000 to produce. (EV $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which the lessor is "selling the asset (present value of the lease payments) 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31 (ignore taxes)? ook Print Complete this question by entering your answers in the tabs below. Required Required Determine the price at which the for selling the present value of the lease payments). Round your intermediate and final answer to the whole olan Places on Table of Calculator und Le Payment PV of Louse Payments Required 2 > 5 222 points King Company leased equipment from Mann Industries. The lease agreement qualifies as a finance lease and requires annual lease payments of $53,974 over a five-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 6%. The asset being leased cost Mann $191,000 to produce. (EV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price at which the lessor is "selling the asset (present value of the lease payments). 2. What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31 (ignore taxes)? cock Print Complete this question by entering your answers in the tobs below. References Required Required 2 What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31 (ignore taxes)? (Input decreases to income as negative amounts. Round your intermediate and final answer to the nearest whole dal Income Statement For the year ended December 31 Income stomact