information relates to this agreement.

The term of the non$-$cancelable lease is $6$ years with no renewal option. The equipment has an estimated economic life of $6$ years.

The cost of the asset to the lessor is $$451,000.$ The fair value of the asset at January $1,2025,$ is $$451,000.$

The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $$24,225,$ none of which is guaranteed.

The agreement requires equal annual rental payments, beginning on January $1,2025.$

Collectibility of the lease payments by Pharoah is probable.

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$($a$)$

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Assuming the lessor desires an $6\%$ rate of return on its investment, calculate the amount of the annual rental payment required.