D E C B 1 #2 2 3 Andrew Company, as lessee, enters into a lease agreement on January 1, 2018, to lease equipment. The following data are relevant to the lease agreement. 4 5 6 The term of the noncancellable lease is three years, with no renewal option. 7 8 The fair value of the equipment on January 1, 2018 is $125,000. The estimated residual value is $0. 9 10 The equipment reverts back to the lessor at the termination of the lease. 11 12 The lessor used an implicit rate of 4%. 13 14 Instructions: 15 1. Calculate the required amount of the lease payments beginning 1/1/18 16 17 18 19 20 21 22 23 24