View Policies Current Attempt in Progress Kingbird Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company

View Policies Current Attempt in Progress Kingbird Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $451,000. The fair value of the asset at January 1, 2020, is $451,000. 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 residual value of $24,225, none of which is guaranteed. 4. The agreement requires equal annual rental payments, beginning on January 1, 2020. 5. Collectibility of the lease payments by Kingbird is probable. Click here to view factor tables Assuming the lessor desires a 12% rate of return on its investment, calculate the amount of the annual rental payment required, (For calculation purposes, use 5 decimal places as displayed in the factor table provided and the final answer to 0 decimal places eg. 5,275.) Amount of the annual rental payment $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.