Question 5 of 5 View Policies Current Attempt in Progress -/1 On January 1, 2021, Crane Ltd, which uses IFRS 16, entered ints an eight-year lease agreement for a conveyor machine Annual lease payments are $39.100 at the beginning of each lease year, which ends December 31. and Crane made the first payment on January 1 2021. At the end of the lease, the machine will revert to the lessor. However, conveyor machines are expected to last for only eight years and have no residual value. At the time of the lease agreement, conveyor machines could be purchased for $219,000 cash Equivalent financing for the machine could have been obtained from Crane's bank at 12% Crane's focal year coincides with the calendar year. Crane uses straight-line depreciation for its conveyor machines Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE Calculate the PV of the minimum lease payments using (1) a financial calculator or (2) Excel functions (Round factor values to 5 decimal places, eg 1.25124 and final answers to O decimal places, Present value of the minimum lease payments 1452) eTextbook and Media List of Accounts