ASG Inc. leased equipment from CIA Inc. on January 1 2020. As per the agreement, the right of ownership will be transferred to the lessee at the end of the contract. CIA Inc manufactured the equipment at the cost of $600,000. The selling price of the equipment is $900,000. Other Information available regarding the contract are given below Lease Term Useful life of the Asset Annual payment 5 Years 6 Years Starting from January 1, 8% 2020, at the beginning of every year Rate the lessor charges You are required to 1. Calculate the minimum lease payment (Round to nearest dollar)