Monty Leasing Company agrees to lease equipment to Flounder Corporation on January 1, 2020. The following information re

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Monty Leasing Company agrees to lease equipment
to Flounder Corporation on January 1, 2020. The following
information relates to the lease agreement.
Monty desires a 9% rate of return on its
investments. Flounder’s incremental borrowing rate
is 10%, and the lessor’s implicit rate is unknown.
Calculate the amount of the annual rental payment
required. (Round present value factor calculations
to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal
places e.g. 58,972.)
Compute the value of the lease liability to the
lessee. (Round present value factor calculations
to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal
places e.g. 58,972.)