At January $1,2022,$ Caf$$ Med leased restaurant equipment from Crescent Corporation under a nine$-$year lease agreement. The lease agreement specifies annual payments of $$30,000$ beginning January $1,2022,$ the beginning of the lease, and at each December $31$ thereafter through $2030.$ The equipment was acquired recently by Crescent at a cost of $$225,000($its fair value$)$ and was expected to have a useful life $12$ years with no salvage value at the end of its life. Crescent seeks a $12\%$ return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.