Marin 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 $251,000. The fair value of the asset at January 1, 2017, is $251,000. 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 $25,490, 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 Marin is probable. X Your answer is incorrect. Try again Assuming the lessor desires a 8% 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 o decimal places e.g. 5,25.) Amount of the annual rental payment 50820