ork-Ch 15 Help Save & Exit Submit Check my work On January 1, James Industries leased equipment to a customer for a five-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $810,000 $810,000. The residual value after five years is $100,000. Lease payments are due on first payment at the end of the first year. The interest rate is 5%, (EVots, PVofS1. EVAot$1, PVA ofSI, EVAD of$1 and PVADOS) (Use appropriate factor(s) from the tables provided.) and has an expected useful life of seven years. Its normal sales price is ber 31 of each year, beginning with the Calculate the amount of the annual lease payments. Table or of $1 nces 5% 78,353 888,353 of $ n a Prey 23 of 39 Next >