Cheyenne Leasing Company agrees to lease equipment to Ayayai Corporation on January 1.2025. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years, 2. The cost of the machinery is $505,000, and the fair value of the asset on January 1,2025, is $719,000. 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $45,000. Ayayai estimates that the expected residual value at the end of the lease term will be $45,000. Ayayai amortizes all of its leased equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments, beginning on January 1,2025. 5. The collectibility of the lease payments is probable. 6. Cheyenne desires a 9% rate of return on its investments. Ayayai's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown. (Assume the accounting period ends on December 31.) Calculate the amount of the annual rental payment required. (Round present value foctor colculations to 5 decimal places, es. 1.25124 and the final answer to 0 decimal places es. 58,972 ) Annual rental payment