Exercise 21-7 (Part Level Submission) On January 1, 2017, Coronado Company leased equipment to Whispering Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with no renewal option. The equipment reverts to the lessor at the termination of the lease 2. Equal rental payments are due on January 1 of each year, beginning in 2017. 3. The fair value of the equipment on January 1, 2017, is $178,000, and its cost is $142,400. 4. The equipment has an economic life of 8 years, with an unguaranteed residual value of $10,000. Whispering depreciates all of its equipment on a straight-line basis. 5 Coronado set he annual rental to ensure an 11% rate of return. hisperings incremental borro n rate is 129 and the im lic trate of theless ris unknown. 6. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by the lessor. (Both the lessor and the lessee's accounting period ends on December 31.) Click here to view factor tables Your answer is correct. Calculate the amount of the annual rental payment. Round present value factor calculations to Sdec ma places, e g 1,25124 and e ina answ er? decimal places e.g. 58,971.) The amount of the annual rental payment Click if you would like to Show Work for this question: 36767 s Open Show Work