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Riverbed Leasing Company purchased specialized equipment from Wayne Company on December 31, 2019 for $510,000. On...

Riverbed Leasing Company purchased specialized equipment from Wayne Company on December 31, 2019 for $510,000. On the same date, it leased this equipment to Sears Company for 5 years, the useful life of the equipment. The lease payments begin January 1, 2020 and are made every 6 months until July 1, 2024. Riverbed Leasing wants to earn 10% annually on its investment.

Various Factors at 10%
Periods
or Rents		 Future
Value of $1		 Present
Value of $1		 Future Value of an
Ordinary Annuity		 Present Value of an
Ordinary Annuity
9 2.35795 0.42410 13.57948 5.75902
10 2.59374 0.38554 15.93742 6.14457
11 2.85312 0.35049 18.53117 6.49506
Various Factors at 5%
Periods
or Rents		 Future
Value of $1		 Present
Value of $1		 Future Value of an
Ordinary Annuity		 Present Value of an
Ordinary Annuity
9 1.55133 0.64461 11.02656 7.10782
10 1.62889 0.61391 12.57789 7.72173
11 1.71034 0.58468 14.20679 8.30641


Calculate the amount of each rent. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

How much interest revenue will Riverbed earn in 2020? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

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