On 1-1-2021, Jackson Company (lessor) leased some machinery to Swenson Company (lessee). It was a 10-year noncancellable lease requiring equal payments every 12-31 during the lease period (i.e., 2021-2030). As of 1-1- 2021, the expected residual (salvage) value was $200,000 at the end of the lease (i.e., 12-31-2030). Under the lease agreement Swenson, the lessee, has the option to purchase the asset for $70,000 at the end of the lease (i.e., 12- 31-2030). As of 1-1-2021 both the lessee and the lessor believe that it is reasonably certain the lessee, Swenson, will exercise the option to purchase the asset on 12-31-2030. As of 1-1-2021, the machinery has an estimated economic life of 12 years with an expected residual (salvage) value of $0 at the end of that time (i.e., 12-31-2032). On 1-1-2021, the machinery has a cost to Jackson of $650,000 and a normal selling price (i.e., fair value, fair market value) of $700,000. Jackson (lessor) sets the lease payments so as to earn a 9% annual rate of return, i.e., the lessor's implicit rate is 9% per year. What be the amount of lease payment received by Jackson on 12-31-2021