OnJanuary 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 S350,000 and has an expected useful life of six years Is normal sale price $350,000. The residual value after four years is $50,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest is 5%. Calculate the amount of the annual lease payment