Exercise 21-2 Coronado Company leases an automobile with a fair value of $18,942 from John Simon Motors, Inc., on the following terms: 1. Noncancelable term of 50 months. 2. Rental of $440 per month (at end of each month). (The present value at 1% per month is $17,247.) 3. Estimated residual value after 50 months is $1,230. (The present value at 1% per month is $748.) Coronado Company guarantees the residual value of $1,230. 4. Estimated economic life of the automobile is 60 months. 5. Coronado Company's incremental borrowing rate is 12% a year (1% a month). Simon's implicit rate is unknown. Your answer is incorrect. Try again. X What is the present value of the minimum lease payments? The present value of the minimum lease payments SHOW LIST OF ACCOUNTS LINK TO TEXT