On January $1,2023,$ Greenlight Industries leased equipment to a customer for a four$-$year period, at which time possession of the leased asset will revert back to Greenlight. The equipment cost Greenlight $$700,000$ and has an expected useful life of six years. The residual value after four years is $$90,000.$ Lease payments are due on January $1$ of each year, beginning at the commencement of the lease. The interest rate is $11\%.$

Some relevant and irrelevant present value factors:

PV of an annuity due of $$1$: n$=4,$ i$=11\%$ is $3\mathrm{.}44371$

PV of an ordinary annuity of $$1$: n$=4,$ i$=11\%$ is $3\mathrm{.}10245$

PV of $$1$: n$=4,$ i$=11\%$ is $0\mathrm{.}65873$;

Required $($round to the nearest dollar$)$: calculate the amount of the annual lease payments