Exercise $15-35($Static$)$ Lessor's initial direct costs; sales$-$type lease $[$LO$15-3,15-7]$

The lease agreement and related facts indicate the following:

a$.$ Leased equipment had a retail cash selling price of $$300,000.$ Its useful life was five years with no residual value.

b$.$ The lease term was five years and the lessor paid $$265,000$ to acquire the equipment $($thus$,$ selling profit$).$

c$.$ Lessor's implicit rate when calculating annual lease payments was $8\%.$

d$.$ Annual lease payments beginning January $1,2024,$ the beginning of the lease, were $$69,571.$

e$.$ Incremental costs of commissions for brokering the lease and consummating the completed lease transaction incurred by the lessor were $$7,500.$

Required: