Question $12$

$3$ pts

On January $1,2021,$ Hawkins Laboratory Group signed a ten$-$year lease with Wyoming Corp for a drill that will enable them to mine more efficiently. The drill's fair value at the commencement of the lease was $$500,000.$ The estimated life of the drill is $10$ years with a guaranteed residual value of $$30,000.$ The drill has a cost to Wyoming Corp of $$485,000$ and Wyoming Corp. has set the annual rental rate to earn $7\%,$ which is known by Hawkins Laboratory Group. The present value of a lump sum payment at $7\%$ for $10$ periods is $0\mathrm{.}50835.$ The present value of an annuity due at $7\%$ for $10$ periods is $7\mathrm{.}51523.$ What amount should Wyoming Corp. report as cash received for the first payment?

$$50,000$

$$66,532$

$$64,502$

$$48,475$