Recording Operating Lease Entries$$Lessor

On January $1,$ Lessee Inc. leased equipment at an annual payment of $$144,668$ payable at the beginning of each year for $4$ years. The equipment had a fair value of $$680,000,$ a book value of $$637,500,$ and was commonly purchased or leased by customers. The lessor estimates that the equipment has an estimated useful life of $8$ years and an estimated residual value of $$212,500,$ not guaranteed by the lessee. Lessor$$s implicit rate is $7\mathrm{.}5\%,$ which is unknown to the lessee. The lessee$$s incremental borrowing rate is $8\%.$ The lease does not contain a purchase option or a renewal option. The lessee had no other costs associated with this lease.

Required

a$.$ Recalculate the lessor$$s lease payment.

Note: Round answer to the nearest dollar.

Note: Do not use a negative sign with your answer.