Question 1 Crane Limited has signed a lease agreement with Lantus Corp. to lease equipment with an expected lifespan of eight years, no estimated salvage value, and a cost to Lantus of $178,100. The terms of the lease are as follows: The lease term begins on January 1, 2016, and runs for 5 years The lease requires payments of $43,987 at the beginning of each year starting January 1, 2016 which includes $4,100 for maintenance and insurance costs. At the end of the lease term, the equipment is to be returned to the lessor. Lantus' implied interest rate is 6%, while Crane's borrowing rate is 7%. Crane uses straight-line depreciation for similar equipment. The year-end for both companies is December 31 Assume that both companies follow ASPE Click here to view the factor table Determine the present value of the minimum lease payments. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) Present Value