On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $290,000 and has an expected useful life of six years. Its normal sales price is $290,000. The residual value after four years is $100,000. 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 9%. Calculate the amount of the annual lease payments. (Round your answer to the nearest whole dollar.) The present value of $1: n= 4, i=9% is 0.70843. The present value of an ordinary annuity of $1: n=4, i 9% is 3.23972. The present value of an annuity due of $1: n=4,1=9% is 3.53129.