Current Attempt in Progress Assume that on December 31, 2024, BE Aerospace signs a 8-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $162,347 beginning on December 31, 2024. 2. The fair value of the building on December 31, 2024 is $1,100,000. 3. The building has an estimated economic life of 10 years, a guaranteed residual value of $50,000, and an expected residual value of $35,000. BE depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor, 5. BE's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by BE. Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided)