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:
Stock Up
To accumulate or gather a large quantity of goods or supplies, typically for future use.
Near-Fatal Experience
An incident or situation in which someone comes very close to losing their life.
Averse
Having a strong dislike of or opposition to something.
Younger Sister
A female sibling who is born after another child in the same family.
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