Oakridge Leasing Corporation signs an agreement on January 1, 2023, to lease equipment to Wildhorse Limited. Oakridge and Wildhorse follow ASPE. The following information relates to the agreement: 1. The term of the non-cancellable lease is five years, with no renewal option. The equipment has an estimated economic life of six years. 2. The asset's fair value at January 1, 2023, is $83,000. 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 $6,100, which is guaranteed. 4. Wildhorse assumes direct responsibility for all executory costs, which include the following annual amounts: $930 to Rocky Mountain Insurance Ltd. for insurance and $1,650 to James Township for property taxes. 5. The agreement requires equal annual rental payments of $20,398 to Oakridge, the lessor, beginning on January 1, 2023. 6. The lessee's incremental borrowing rate is 15%. The lessor's implicit rate is 14% and is known to the lessee. 7. Wildhorse uses the straight-line depreciation method for all equipment. 8. Wildhorse uses reversing entries when appropriate. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Your answer is incorrect. Calculate the PV of the future minimum lease payments using any of the following methods: (1) factor tables, (2) a financial calculator, or (3) Excel functions. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, eg 1,452.) Present value $ 79832