Swifty Equipment Leasing Company leased equipment to Crane Healthcare System on January 1, 2025, for a four-year period. Equal annual payments under the lease are $370000 and are due on January 1 of each year. The first payment was made on January 1, 2025. The implicit rate of interest contemplated by Swifty Equipment Leasing and known to Crane Healthcare is 8%. Crane's incremental borrowing rate is 11%. The cost of the equipment on Swifty Equipment Leasing accounting records was $680000. Assuming that the lease is appropriately recorded as an operating lease, at what amount is the lease recorded on Crane Healthcare System's books on January 1, 2025? PV Annuity Due 8%, 4 periods 3.57710 11%, 4 periods 3.44371 PV Ordinary Annuity 3.31213 3.10245 PV Single Sum 0.73503 0.65873

Swifty Equipment Leasing Company leased equipment to Crane Healthcare System on January 1, 2025, for a four-year period. Equal annual payments under the lease are $370000 and are due on January 1 of each year. The first payment was made on January 1, 2025. The implicit rate of interest contemplated by Swifty Equipment Leasing and known to Crane Healthcare is 8%. Crane's incremental borrowing rate is 11%. The cost of the equipment on Swifty Equipment Leasing accounting records was $680000. Assuming that the lease is appropriately recorded as an operating lease, at what amount is the lease recorded on Crane Healthcare System's books on January 1,2025