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Problem 6-33 (Static) Present value calculation-financing lease LO 6-8, Appendix LO 6-10 Renter Company acquired the use of a machine by agreeing to pay the manufacturer of the machine $7,500 per year for 10 years. At the time the lease was signed, the interest rate for a 10-year loan was 12%. Table 6-5 Note: Use appropriate factor from the table provided. Required: a. Calculate the amount that Renter Company could have paid at the beginning of the lease to buy the machine outright. b. What causes the difference between the amount you calculated in part a and the total of $75,000($7,500 per year for 10 years) that Renter Company will pay under the terms of the lease? c. What is the appropriate amount of cost to be reported in Renter Company's balance sheet (at the time the lease was signed) with respect to this asset? Complete this question by entering your answers in the tabs below. Calculate the amount that Renter Company could have paid at the beginning of the lease to fuy the machine outright. Note: Round your answer to 2 decimal places, Problem 6-33 (Static) Present value calculation-financing lease LO 6-8, Appendix LO 610 Renter Company acquired the use of a machine by agreeing to pay the manufacturer of the machine $7,500 per year for 10 years. At the time the lease was signed, the interest rate for a 10-year loan was 12%. Table 65 Note: Use appropriate factor from the table provided. Required: a. Calculate the amount that Renter Company could have paid at the beginning of the lease to buy the machine outright. b. What causes the difference between the amount you calculated in part a and the total of $75,000 ( $7,500 per year for 10 years) that Renter Company will pay under the terms of the lease? c. What is the appropriate amount of cost to be reported in Renter Company's balance sheet (at the time the lease was signed) with respect to this asset? Complete this question by entering your answers in the tabs below. What is the appropriate amount of cost to be reported in Renter Company's balance sheet (at the time the lease was signed) With respect to this asset? Note: Round your answer to 2 decimal places