Larkspur Leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $240, 000. The fair value of the asset at January 1, 2017, is $240, 000. 3. 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, 323, none of which is guaranteed. 4. The agreement requires equal annual rental payments, beginning on January 1, 2017. 5 Collectibility of the lease payments by Larkspur is probable. Assuming the lessor desires a 9% rate of return on its investment, calculate the amount of the annual rental payment required. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and the final answer to 0 decimal places e.g. 5, 275.) Amount of the annual rental payment $ By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor