Question: On January 1 , 2 0 2 5 , Haystack, Inc. leased equipment to Silver Point Company. The following information is available: 1 . The

On January 1,2025, Haystack, Inc. leased equipment to Silver Point Company. The following information is available:1. The equipment had a cost and fair value of $780,000.2. The 5-year lease calls for equal annual payments at the beginning of each year.3. The equipment has an expected useful life of 5 years.4. The rate implicit in the lease is 8% but the lessee's incremental borrowing rate is 10%.What is the required lease payment that the lessor will charge to obtain the desired rate of return? (Round to whole dollars)The present value of an ordinary annuity at:10% for 5 periods is 3.790798% for 5 periods is 3.99271The present value of an annuity due at:10% for 5 periods is 4.169868% for 5 periods is 4.31213The present value of a single sum of $1 at:10% for 5 periods is .620928% for 5 periods is .68058

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