7. On January 1, 2024, Jasperse Corporation leased equipment under a finance lease designed to earn the lessor a 11% rate of return for providing long-term financing. The lease agreement specified ten annual payments of $75,000 beginning January 1 and each December 31 thereafter through 2032. A 10-year service agreement was scheduled to provide maintenance of the equipment as required for a fee of $7,500 per year. Insurance premiums of $6,500 annually are related to the equipment. Both amounts were to be paid by the lessor, and lease payments reflect both expenditures. At what amount will Jasperse record a right-of-use asset? Note: Use tables, Excel, or a financial calculator. Round your answers to the nearest whole number. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ).

1. 7. On January 1, 2024, Jasperse Corporation leased equipment under a finance lease designed to
earn the lessor a 11% rate of return for providing long-term financing. The lease agreement
specified ten annual payments of $75,000 beginning January 1 and each December 31 thereafter
through 2032. A 10-year service agreement was scheduled to provide maintenance of the
equipment as required for a fee of $7,500 per year. Insurance premiums of $6,500 annually are
related to the equipment. Both amounts were to be paid by the lessor, and lease payments reflect
both expenditures. At what amount will Jasperse record a right-of-use asset? Note: Use tables,
Excel, or a financial calculator. Round your answers to the nearest whole number. (FV of $1, PV
of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )