POLK LEASING аcquires equipment аnd leаses it tо custоmers under lоng-term sales-type leases. POLK earns interest under these arrangements at a 9% annual rate. Paik purchased a machine and then leased it for $480,000 under an arrangement that specified annual payments to be received for five years, beginning at the commencement of the lease. The lessee had the option to purchase the machine at the end of the lease term for $62,400 when it was expected to have a residual value of $124,800. What is the amount of the annual lease payments? Do not round intermediate calculations. Round your answer to nearest whole dollar amount.