Exercise 6-20 Lease payments; solve for unknown interest rate [LO6-8, 6-9] On March 31, 2018, Southwest Gas leased equipment from a supplier and agreed to pay $340,000 annually for 16 years beginning March 31, 2019 Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments. Accordingly, at inception of the lease, Southwest recorded a $3,009.466 lease liability (EV of $1, PV of S1. EVA of S1, PVA of S1. EVAD of $1 and PVAD of S1 (Use appropriate fectorfs) from the tables provided.) Required: Determine the interest rate implicit in the lease agreement Present value of lease Lease payments