High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $9,100 per quarter. Adventures purchased the equipment at a cost of $218,459. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term 2 years (8 quarterly periods) Lease renewal option for an additional 3 years at $9,100 per quarter Quarterly lease payments $ 16,100 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter. Economic life of asset 5 years