Tamarisk Leasing Company signs an agr 1. The term of the non-cancelable lease 2. The cost of the asset to the lessor is $300,000. The fair value of the asset at January 1, 2017, is $300,00o. 4 The agreement requires equal annual rental payments, beginping on January 1, 2017 eement on January 1, 2017, to lease equipment to Madison Company. The following information relates to this agreement. is 7 years with no renewal option. The equipment has an estimated economic life of 7 years. asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $11,000, none of which is guaranteed 5. Collectibility of the lease payments by Tamarisk is probable. Assuming the lessor desires a 8% rate of return on its investment, calculate the amount of the annual rental payment answer to 0 decimal places e.g. 5,275.) Amount of the annual rental payment 2212