Pharoah Leasing company signs and agreement on January $1,2025$ to lease equipment to Sheridan company the following information relates to this agreement one the term of the non$-$cancelable lease is six years with no renewal option the equipment has an estimated economic life of six years to the cost of the asset to the lesser is $$451,000$ the fair value of the asset January $1,2025$ is $$451,000$