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Exercise 21-8 The following facts pertain to a noncancelable lease agreement between Sheridan Leasing Company and Skysong Company, a lessee. Inception date: May 1, 2017 Annual lease payment due at the beginning of $22,965.87 each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term $3,600 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $69,000 Fair value of asset at May 1, 2017 $98,000 10 Lessor's implicit rate Lessee's incremental borrowing rate 10 The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. Click here to view factor tables