Problem 21A-6 b-f Metlock Leasing Company agrees to lease equipment to Bonita Corporation on January 1, 2017. 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 $485,000, and the fair value of the asset on January 1, 2017, is $687,000. 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $107,000. Bonita estimates that the expected residual value at the end of the lease term will be 107,000. Bonita amortizes all of its leased equipment on a straight-line basis 4. The lease agreement requires equal annual rental payments, beginning on January 1, 2017 5. The collectibility of the lease payments is probable. 6. Metock desires a 10% rate of return on its investments. Bonita's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. (Assume the accounting period ends on December 31.) Calculate the amount of the annual rental payment required. (Round present value factor calculations to S decimal places, e.g. 1.25124 and the final answer to decimal places e.g. 58,972.) Annual rental payment