Rayleigh Company had an asset costing P 5,239,000. The asset was leased on January 1, 2020 to another entity. Five annual lease payments are due each January 1, beginning January 1, 2020. The lessee...

Rayleigh Company had an asset costing P 5,239,000. The asset was leased on January 1, 2020 to another entity. Five annual lease payments are due each January 1, beginning January 1, 2020. The lessee guaranteed the P 2,000,000 residual value of the asset at the end of the lease term on December 31, 2024. The lessor’s implicit interest rate is 8%. The PV of 1 at 8% for periods is .68, and the PV of an annuity of 1 in advance at 8% for 5 periods is 4.31. What is the annual lease payment? Show your solution.