Mays Company has a machine with a cost of $500,000 which also is its fair value on the date the machine is leased to Park Company. The lease is for 6 years and the machine is estimated to have a guaranteed residual value of $50,000. If the lessors interest rate implicit in the lease is 12%, the six beginning-of-the-year lease payments would be (given that PV factor for a 6 year annuity due at 12% rate is 4.60478; the PV factor for a 6-year single sum at 12% is 0.50663).