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Exercise 21-9 (Part Level Submission) The following facts pertain to a noncancelable lease agreement between Swifty Leasing Company and Nash Company, a lessee. Inception date Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 Bargain-purchase option price at end of lease $18,758.38 $3,800 term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate 5 years 10 years $71,000 $82,000 9% 990 The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs Click here to view factor tables