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On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $840,000 and has an expected useful life of six years. Its normal sales price is $840,000. The residual value after four years is $240,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 7%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Calculate the amount of the annual lease payments. Guaranteed Residual Value Table or calculator function: Present value Amount to be recovered (fair value) Guaranteed residual value Amount to be recovered through periodic lease payments Lease Payment Table or calculator function: n = i = Lease Payments Amount of fair value recovered each lease payment