Show Attempt History Current Attempt in Progress Assume that on December 31, 2019, Skysong Aerospace signs a 8-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $159,834 beginning on December 31, 2019. 2. The fair value of the building on December 31, 2019 is $1,083,208. 3. 4. 5. The building has an estimated economic life of 10 years, a guaranteed residual value of $49,600, and an expected residual value of $34,900. Skysong depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Skysong's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Skysong Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a)