Problem 3 Vank Lessee Co. enters a lease agreement with SF Co. on January 1, 2023, under which SF Co. leases a machine to Vank Lessee Co. Information pertaining to the lease is provided below: - The machine has a cost to SF Co. of $2,500,000 - The machine's fair value at the commencement of the lease is $3,500,000 - The machine has an estimated economic life of 15 years, and a guaranteed residual value of $95,000. - Lease term is 12 years. The lease term is non-cancelable, requiring equal payments due at the beginning of each year. - Vank Lessee Co.'s ineremental borrowing rate is 9% per year. SF Co. sets the lease payments to earn an 8% rate of return on the lease. - SF Co. views collectability of payments from Vank Lessee Co. as probable. What is the amount of the annual lease payment calculated by SF Co. (the lessor)? Problem 3 Vank Lessee Co. enters a lease agreement with SF Co. on January 1, 2023, under which SF Co. leases a machine to Vank Lessee Co. Information pertaining to the lease is provided below: - The machine has a cost to SF Co. of $2,500,000 - The machine's fair value at the commencement of the lease is $3,500,000 - The machine has an estimated economic life of 15 years, and a guaranteed residual value of $95,000. - Lease term is 12 years. The lease term is non-cancelable, requiring equal payments due at the beginning of each year. - Vank Lessee Co.'s ineremental borrowing rate is 9% per year. SF Co. sets the lease payments to earn an 8% rate of return on the lease. - SF Co. views collectability of payments from Vank Lessee Co. as probable. What is the amount of the annual lease payment calculated by SF Co. (the lessor)