Davis Co., a lessor, signed a direct financing lease on January 1. The cost and fair value of the machine that was leased was $60,000. The implicit interest rate was 6%. The lease period was seven years, with the first payment due immediately. Actuarial information for 6% follows: 
What is the annual lease payment to be collected by Davis?
Definitions:
Comma Usage
The set of rules that governs the use of commas to separate elements in sentences, clarifying meaning and indicating pauses.
Gas Mask
A protective mask used to cover the face to filter out toxic gases and protect the wearer from inhaling harmful substances.
Explosion
A sudden and violent release of energy that creates a loud noise and often destruction.
Comma Usage
The application of commas in written text to clarify meaning, separate elements, or indicate a pause.
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