Abbott Equipment leased a protein analyzer to Werner Chemical, Incorporated, on September $30,2024.$

Abbott purchased the machine from NutraLabs, Incorporated, at a cost of $$5$ million.

The five$-$year lease agreement calls for Werner to make quarterly lease payments of $$326,290,$ payable each September $30,$ December $31,$ March $31,$ and June $30,$ with the first payment on September $30,2024.$

Abbott's implicit interest rate is $12\%.$ The useful life of the equipment is five years.