Question 17 Not yet answered Marked out of 1.25 P Flag question Zhang Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2022. The lease is for a 7-year period and requires equal annual payments of 26,350 at the beginning of each year. The first payment is received on January 1, 2022. Zhang purchased the machine in 2021 for 85,000. Collectibility of lease payments is probable. Zhang sets the annual rental to ensure an 8% rate of return. The machine has an economic life of 8 years with no residual value and reverts to Zhang at the termination of the lease. The present value of an annuity due of 1 for 7 periods at 8% equals 5.62. Compute the amount of the lease receivable