Calculation of lease amounts for lessor for Manufacturer$/$Dealer leases with guaranteed residual amount.Cow Co$.$ is a farming equipment dealer who reports using IFRS. It plans to lease a piece of farming equipment to Horse Inc. and wants to earn a profit on the equipment as well as earn interest. The details of the lease are as follows:It will be a $5$ year lease and will have annual rental payments due at the beginning of the year.The rate of return Cow Co$.$ wants to earn on the equipment is $7\%.$The estimated residual value $($guaranteed$)$ is $ $10,000($the present value of which is $ $7,130).$The annual lease payments are $ $55,359($the present value of which is $ $242,870)$; andThe leased equipment has an $ $200,000$ cost to the dealer, Cow Co$.$InstructionsCalculate the gross investment, unearned interest income, sales revenue, cost of goods sold and gross profit for Cow Co$.$