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Could use some help as well! thanks. On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession

Could use some help as well! thanks. image text in transcribed
On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $700,000 and has an expected useful life of six years. Its normal sales price is $700,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 5%. Calculate the amount of the annual lease payments. Note: Use tables, Excel, or a financial calculator. Enter amounts as positive values rounded to the nearest whole dollar. (FV of $1, PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1)

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