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Business, 21.01.2021 22:20 janilaw1

On January 1, Smith Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to Smith. The equipment cost Smith $280,000 and has an expected useful life of six years. Its normal sales price is $280,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate is 7%. Calculate the amount of the annual lease payments. (Round your answer to the nearest whole dollar.) The present value of $1: n

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