compute the present value of the lease payments

On December 31, 2019, Skysong Corporation signed a 6year, non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $12,499 at the beginning of each year, starting December 31,2019 . The machine has an estimated useful life of 8 years and a $6,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 8%, and the lessor's implicit rate is unknown. Click here to view factor tables