Crane Leasing Company signs an agreement on January $1,2025,$ to lease equipment to Cullumber Company. The following information relates to this agreement.

$1.$ The term of the non$-$cancelable lease is $6$ years with no renewal option. The equipment has an estimated economic life of $6$ years.

$2.$ The cost of the asset to the lessor is $$230,000.$ The fair value of the asset at January $1,2025,$ is $$230,000.$

$3.$ The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $$24,339,$ none of which is guaranteed.

$4.$ The agreement requires equal annual rental payments, beginning on January $1,2025.$

$5.$ Collectibility of the lease payments by Crane is probable.

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