Cullumber Corp., a lessee, entered into a non-cancellable lease agreement with Galt Manufacturing Ltd., a lessor, to lease special-purpose equipment for a period of seven years. Cullumber followS IFRS and Galt follows ASPE. The following information relates to the agreement: Lease inception May 2, 2023 Annual Lease payment due at the beginning of each lease year $? Residual value of equipment at the end of lease term, guarenteed by an independent third party Economic life of equipment Usual selling price of equipment Manufacturing cost of equipment on lessor's books Lessor's implicit interest rate, known to lessee Lessee's incremental borrowing rate Repairs and maintenance per year to be paid by lessee, estimated $103,100.00 10 years $ 427,400.00 337,600.00 11% 11% 15,190.00 The leased equipment reverts to Galt at the end of the lease, although Cullumber has an option to prchase it at its expected fair value at that time. a) Calculate the lease payment determined by the lessor to provide a 11% return