Pina Leasing Company agrees to lease equipment to Grouper Corporation on January 1, 2025. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1,2025 , is $649,000. 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $45,000.G Grouper estimates that the expected residual value at the end of the lease term will be $45,000. Grouper amortizes all of its leased equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments, beginning on January 1,2025. 5. The collectibility of the lease payments is probable. 6. Pina desires a 10% rate of return on its investments, Grouper's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. Calculate the amount of the annual rental payment required. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal placeseg. 58,972.) Annual rental payment List of Accounts Compute the value of the lease liability to the lessee. (Round present value factor colculations to 5 decimal places, eg. 1.25124 and the final answer to 0 decimal places es. 58,972) Present value of minimum lease payments