On January 1, 2017, Crane Corporation signed a 3-year noncancelable lease for several computers. The terms of the lease called for Crane to make annual payments of $4,400 at the beginning of each year, starting January 1, 2017. The computers have an estimated useful life of 3 years and a $400 unguaranteed residual value. The computers revert back to the lessor at the end of the lease term. Crane uses the straight line method of depreciation for all of its property, plant and equipment. Crane's incremental borrowing rate is 11%, and the lessor's implicitrate is unknown. (a) Compute the present value of the minimum lease payments. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to decimal places c.8. 58,971) Present Value $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit