Question 27 Not yet answered Marked out of 1.25 P Flag question Haystack, Inc. manufactures machinery used in the mining industry. On January 2, 2018, it leased equipment with a cost of 480,000 to Silver Point Co. The 5-year lease calls for equal annual payments at the end of each year. The equipment has an expected useful life of 5 years. If the selling price of the equipment is 702,000, and the rate implicit in the lease is 8%. Present value of an ordinary annuity at 8% for 5 periods equals 4.00. Present value of an annuity due at 8% for 5 periods equals 4.50. Calculate the amount of the annual rental payment required