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Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,470,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2016. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Lease Description 148 095-beginning of each Quarterly lease payments Lease term No residual value; no BPO Economic life of lithotripter Implicit interest rate and lessee's incremental $ period 5 years (20 quarters) 5 years 8% borrowing rate Fair value of asset $2,470,000 Collectibility of the lease payments is reasonably assured, and there are no lessor costs yet to be incurred