On January $1,$ James Industries leased equipment to a customer for a four$-$year period, at which time possession of the leased

asset will revert back to James. The equipment cost James $$870,000$ and has an expected useful life of six years. Its normal sales

price is $$870,000.$ The residual value after four years is $$270,000.$ Lease payments are due on December $31$ of each year,

beginning with the first payment at the end of the first year. The interest rate is $5\%.$

Calculate the amount of the annual lease payments.

Note: Use tables, Excel, or a financial calculator. Enter amounts as positive values rounded to the nearest whole dollar. $($FV of

$$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$