Crane, Inc. leased equipment from Tower Company under a 4-year lease requiring equal annual payments of $334152, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4- year useful life and no salvage value. If Crane, Inc's incremental borrowing rate is 9% and the rate implicit in the lease (which is known by Crane, Inc.) is 7%, what is the amount recorded for the leased asset at the lease inception? PV Annuity. Due PV Ordinary Annuity 7%, 4 periods 3.62432 3.38721 3.53129 3.23972 9%, 4 periods