Help Save&Exit Submit Check my work On January 1, James Industries leased equipment to a customer for a five-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $790,000 and has an expected useful life of seven years. Its normal sales price is $790,000. The residual value after five years is $200,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 7%. and PVAD of $) (Use appropriate factor(s) from the tables provided.) ok Calculate the amount of the annual lease poyments. nt Table or calculator Amount to be recovered (fair value) Payments t of fair value each lease payment e Prey6 of 21Next >