On January 1, 2024, Entron Company (as lessor) entered into a noncancelable lease agreement with Orion Company (as lessee) for machinery. The following data are relevant to the lease agreement: The machinery will be returned to Entron at the end of the lease term and there is no bargain purchase option The machinery is carried on the accounting records of Entron at $6,795,000 and had a fair market value of $7,200,000. The term of the noncancelable lease is 10 years, with no renewal option. Payments are due on January 1 of each year, with the first payment being on January 1, 2024. The machinery has an economic life of 12 years. A residual value of $50,000 is guaranteed by Orion Company. Orion and Entron would depreciate similar machinery on the straight-line basis. Orion's incremental borrowing rate is 10% per year. Entron's implicit rate used in computing the lease payments is 8%. This fact is not known to Orion. Collectability of the rentals is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. a) Calculate the lease payments for each January 1