On January $1,2025,$ Crane, Inc. signs a $10-$year noncancelable lease agreement to lease a storage

building from Bramble Warehouse Company. CCollectibility of the lease payments is reasonably

predictable and no important uncertainties surround the costs yet to be incurred by the lessor.

The following information pertains to this lease agreement:

$($a$)$ The agreement requires equal rental payments at the beginning of each year.

$($b$)$ The fair value of the building on January $1,2025$ is $$6550000$; however, the book value to

Bramble is $$5500000.$

$($c$)$ The building has an estimated economic life of $10$ years, with no residual value. Crane

depreciates similar buildings using the straight$-$line method.

$($d$)$ At the termination of the lease, the title to the building will be transferred to the lessee.

$($e$)$ Crane$$s incremental borrowing rate is $11\%$ per year. Bramble Warehouse Co$.$ set the annual

rental to ensure a $10\%$ rate of return. The implicit rate of the lessor is known by Crane, Inc.

$($f$)$ In addition to the payments for the use of the leased asset, the lessor also requires the lessee to

pay a yearly rental payment of $$16100$ for executory costs related to taxes on the property.

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What is the annual lease payment excluding executory costs?$($Round factor value calculation to $5$

decimal places, e$.$g$.1\mathrm{.}25124.)$