Tamarisk Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following information relates to this agreement.

The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years.

The cost of the asset to the lessor is $421,000. The fair value of the asset at January 1, 2020, is $421,000.

The 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 $23,000, none of which is guaranteed

The agreement requires equal annual rental payments, beginning on January 1, 2020.

Collectibility of the lease payments by Tamarisk is probable.

Assuming the lessor desires a 11% rate of return on its investments, calculate the amount of the annual rental payment required.

Tamarisk Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following information relates to this agreement. 1. The terrn of the non-tancelable lease is 6 years with no renewal opticon. The equiponent has an ectimated eronornic. life of 6 years. 2. The cost of the asset to the lessor is $421,000. The fair value of the asset at January 1,2020 , is $421.000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a resiclual value of $23.000, nunte of which is guar anteed. 4. The agreement requires equal annual rental payments, beginning on January 1, 2020. 5. Collectibility of the lease payments by Tamarisk is probable. (a) Assurning the lessor desires a 114 rate of return on its irvestrrent, Lalculate the amount of the anmual rental pipment required. (For calculation purposes, use 5 decimal ploces os displayed in the factor table provided and the final answer to 0 declmal ploces e.g. 5,275,3 Amcunt of the anriual rental pispment 5 Attempts: 0 of 2 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above