On January 1, 2017, Sunland Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Sunland to make annual payments of $9,318 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $5,500 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Sunland uses the straight-line method of depreciation for all of its plant assets. Sunland's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown. Click here to view factor tables 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 0 decimal places e.g. 58,971.) The present value of the minimum lease payments SHOW LI ST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE