A F G H 4 6 B D E 1 Problem 7. Lessor leases asset to Lessee. Lease term is 5 years. Lease payment is $20,000/month + 2 greater of $5,000 or 2% of Lessee's monthly sales revenue. Lessor's implicit rate is 12%/year and this 3 rate is known by Lessee. Payments are due at the end of the month. No payment was due at the signing of the lease. 5 Required 1. Calculate the present value of the lease payments that will be used in measuring the Lessee's lease 8 payable. 9 10 Enter your answer in the green box: 11 12 13 14 7 1