HELP ME FIND CORRECT SOLUTION

On January $1,$ James Industries leased equipment to a customer for a four$-$year period, at which time possession of the leased asset

will revert back to James. The equipment cost James $$700,000$ and has an expected useful life of six years. Its normal sales price is

$$700,000.$ The residual value after four years is $$100,000.$ Lease payments are due on December $31$ of each year, beginning with the

first payment at the end of the first year. The interest rate is $5\%.$

Calculate the amount of the annual lease payments.