Elf Leasing purchased a machine for $$560,000$ and leased it to IGA, Incorporated on January $1,2024.$

$\backslash$table$[[$Lease description:,$],[$Quarterly rental payments,$$33,576$ at beginning of each period$],[$Lease term,$5$ years $(20$ quarters$)],[$No residual value; no BP$0,],[$Economic life of machine,$5$ years$],[$Implicit interest rate and lessee' s incremental borrowing rate,$8\%$