Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $$2,260,000$ and leased it to Mid$-$South Urologists Group, Incorporated, on January $1,2024.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and $1$ VAD of $$1)$

$\backslash$table$[[$Lease Description:,$],[$Quarterly lease payments,$ $135,504-$beginning of each period$],[$Lease term,$5$ years $(20$ quarters$)],[$No residual value; no purchase option,$5$ years$],[$Economic life of lithotripter,$88],[$Implicit interest rate and lessee's incremental borrowing,$$2,260,000$