On january 1, james industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to james. the equipment cost james $700,000 and has an expected useful life of six years. its normal sales price is $700,000. the residual value after four years is $100,000. lease payments are due on december 31 of each year, beginning with the first payment at the end of the first year. the interest rate is 5%. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.)guaranteed residual valuetable or calculator function: n=? , i=? amount ot be recovered (fair value) $? guaranteed residual value $?