Lessor Corporation (a private company using ASPE) has a $ 500,000 piece of machinery that they want to lease to Lessee Corporation. Lessor wants to earn a 9% return on its lease. The machinery will be leased for 7 years and the annual rental payment will be due at the beginning of each year. The lease doesn't include a bargain purchase option or residual value at the end of the lease. Calculate the annual lease payment Lessor Corporation should charge to Lessee Corporation