Exercise $15-41($Static$)$ Sale$-$leaseback $[$LO Appendix $15]$To raise operating funds, Signal Aviation sold an airplane on January $1,2024,$ to a finance company for $$770,000.$ Signal immediately leased the plane back for a $13-$year period, at which time ownership of the airplane will transfer to Signal.The airplane has a fair value of $$800,000.$Its cost and its book value were $$600,000.$Its useful life is estimated to be $15$ years.The lease requires Signal to make payments of $$102,771$ to the finance company each January $1.$ Signal depreciates assets on a straight$-$line basis.The lease has an implicit rate of $11\%.$