Aztec Corp. is a manufacturer of truck trailers. On January 1, 2017, Aztec Corp. leases ten trailers to Wildcat Company under a six-year noncancelable lease agreement. The following information about the lease and the trailers is provided: Equal annual payments that are due on December 31 each year provide Aztec Corp. with an 8% return on net investment (present value factor for 6 periods at 8% is 4.62288). 1, 2. Titles to the trailers pass to Wildcat at the end of the lease. The fair value of each trailer is $50,000. The cost of each trailer to Aztec Corp. is $45,000. Each trailer has an expected useful life of nine years. 3. Instructions (a) Calculate the annual lease payment. (Round to nearest dollar.) (b) Prepare the journal entries for both the lessee and lessor for 2017 to record the lease agreement and the year-end entries. Round all amounts to the nearest dollar