Zhang Company leased equipment from Mann Industries. The lease agreement qualifies as a finance lease and requires annual lease payments of $$49,677$ over a five$-$year lease term $($also the asset's useful life$),$ with the first payment on January $1,$ the beginning of the lease. The interest rate is $4\%.$ The asset being leased cost Mann $$180,000$ to produce.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Determine the price at which the lessor is "selling" the asset $($present value of the lease payments$).$

What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December $31($ignore taxes$)?$

Complete this question by entering your answers In the tabs below.

Required $1$

Determine the price at which the lessor is "selling" the asset $($present value of the lease payments$).$

Note: Round your intermediate and final answers to the nearest whole dollar.

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