Blossom Corp. is a manufacturer of truck trailers. On January 1, 2021, Blossom Corp.leases 10 trailers to Sunland Company under a 7-year noncancelable lease agreement. The following information about the lease and the trailers is provided: 1. 2. Equal annual payments that are due on January 1 each year provide Blossom Corp, with an 8% return on net investment, Titles to the trailers pass to Sunland at the end of the lease. The fair value of each trailer is $51.700. The cost of each trailer to Blossom Corp. is $47,500. Each trailer has an expected useful life of nine years. Collectibility of the lease payments is probable. 3. 4. Click here to view factor tables. (a) Your answer is correct. What type of lease is this for the lessor? Sales-type lease e Textbook and Media List of Accounts Attempts: 2 of 5 used (b) Calculate the annual lease payment. (Round present value factor calculations to 5 decimal places, eg 1.25124 and the final answer too decimal places eg. 5,275.) Annual lease payment e Textbook and Media List of Accounts Save for later Attempts: 0 of 5 used Submit