Teal Mauntain Laasin Companystans an agresment on January 1, 2020, to lease squipmant to Cola Compary. Tha following infsmation relates to this asreement. 1. The term of the narr-cancelable lase is 6 years vrith na reneval aption. The equipment has an estimated acenamic life at 6 =ars. 2. The cost of the assat to the lassor is $291,000. The fair valus of tha asset at Jandary 1,2020, is $291,000. 3. The asset will revert to the lesser at the and of the lease term, at vihich time the asset is excacted to h ave a rasidual va ver of 529,100, none of which is guaranteed. 4. The agresment regLiras equal annial rantal payments, besinning on Jayuary 1,2020. 5. Collectibity of the lease payments by Ta: Mountain is probabla. Clickhare tovigwiactortabies. (a) Vour ansiver is correct. 5.275. Amo-nt or the annua rental paiment s \&Textbook and Medla Solition List of Aocounts Attempts 3 of 3 used [t]