Information Continued from Previous Question: On January 1, 2022. Wesley Lessee, leased equipment from Sun Manufacturing at a price of $210,083. Terms of the lease are as follows: The lease agreement specifies 7 annual payments beginning January 1, 2022, the inception of the lease, and at each January 1st, thereafter through 2029. At December 31, 2029, end of the lease term, Wesley Co. will return the equipment to Sun Manufacturer at which time the residual value is expected to be $18,000 The residual value is not guaranteed by Wesley Co. Sun Manufacturing has a Cost of $178,000 in the equipment. Useful life of the equipment is 8 years. The implicit rate of return in the lease agreement is 9% Present Value factors are the following: PV of Annuity Due PV of $1 n-71-9% 54703 n-8 -9% 50187 5.48592 6.03295