Problem 5-11 (Static) Solving for unknown lease payment [LO5-9, 5-10] Bravo Manufacturing Company is negotiating with a customer for the lease of a large machine manufactured by Bravo. The machine has a cash price of $800,000. Bravo wants to be reimbursed for financing the machine at an 8% annual interest rate.

Required: Determine the required lease payment if the lease agreement calls for 10 equal annual payments beginning immediately.

Determine the required lease payment if the first of 10 annual payments will be made one year from the date of the agreement.

Determine the required lease payment if the first of 10 annual payments will be made immediately and Bravo will be able to sell the machine to another