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Your client, Albert Almora Leasing Company, is preparing a contract to lease a machine to...

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Accounting

Your client, Albert Almora Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 12 years. Almora paid $427,500 for the machine, which has a useful life of 12 years and no salvage value at the end of that time. Almora is interested in earning a 6% return on its investment in the machine and has agreed to accept 12 equal rental payments at the beginning of each of the next 12 years. Determine the amount of the lease payments Almora will require in order to yield a 6% return on the lease of the machine.

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