Amirante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Cjambers Medical Centerfor a period of 10 years. The normal selling price of the machine is $495,678, and its guranteed redidual value at the end of the non-cancelable lease term is estimated to be $15,000. The hospital will pay rents of $60,000 at the beginning of each year. Amirante incurred costs of $300,000 in manufacturing the medicine and $14,000 in legal fees directly related to the sigining of the lease. Amirante has determind that the collectibility of the lease payments is probable and that the implicit interest rate is 5%.