Calculation of lease payments Zest Company, as lessee, enters into a lease agreement on January 1, 2018, to lease equipment. The following data are relevant to the lease agreement. - The term of the noncancellable lease is three years, with no renewal option. - The fair value of the equipment on January 1, 2018 is $60,000. The estimated residual value is $0. - The equipment reverts back to the lessor at the termination of the lease. - The lessor used an implicit rate of 4%. Instructions: -Calculate the required amount of the lease payments (Present Value & Future Value Tables are provided on pages 3 and 4)