Oriole, Inc. manufactures machinery used in the mining industry. On January 2, 2025, it leased equipment with a cost of $390,000 to Culver Co. The 5 year lease calls for equal annual payments at the beginning of each year. The equipment has an expected useful life of 5 years. If the selling price of the equipment is $690,000, and the rate implicit in the lease is 9%, what are the equal annual payments? PV Annuity Due 9%, 5 periods 4.23972 11%, 5 periods 4.10245 PV Ordinary Annuity 3.88965 3.69590 PV Single Sum 0.64993 0.59345