Crane Corp, which uses ASPE, leases a car to Jaimme DeLory on June 1, 2020. The term of the non-cancellable lease is 48 months. The following information is provided about the lease. 1 The lessee is given an option to purchase the automobile at the end of the lease term for $5,800. 2 The automobile's fair value on June 1, 2020, is $29,900. It is carried in Crane's inventory at $20,700. 3. 4. 5. 6. The car has an economic life of seven years, with a $1.800 residual value at the end of that time. The car's estimated fair value is $10,800 after four years, $7,300 after five years, and $2,500 after six years. Crane wants to earn a 12% rate of return (1% per month) on any financing transactions. Jaimme Delory represents a reasonable credit risk and no future costs are anticipated in relation to this lease. The lease agreement calls for a $1.700 down payment on June 1. 2020, and 48 equal monthly payments on the first of each month, beginning June 1.2020 Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE