Sheridan Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2017 to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable lease is two years and payments are required at the end of each year. The following information relates to this agreement.

1.		Wai Corporation has the option to purchase the equipment for $11,800 upon the termination of the lease and this option is reasonably certain to be exercised.
2.		The equipment has a cost and fair value of $160,000 to Sheridan Leasing Corporation. The useful economic life is two years, with a residual value of $11,800.
3.		Wai Corporation is required to pay $6,400 each year to the lessor for insurance costs.
4.		Sheridan Leasing Corporation wants to earn a return of 8% on its investment.
5.		Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs that have not yet been incurred by the lessor. Calculate the lease payment that Sheridan Leasing would require from Wai Corporation.