On January 1, 2017, Monty Corporation signed a 3-year noncancelable lease for several computers. The terms of the lease called for Monty 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. Monty uses the straight-line method of depreciation for all of its property, plant, and equipment. Monty's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. (a) Compute the present value of the minimum lease payments. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Present Value $ |