M Leasing Company signs an agreement on January 1, 2014, to lease equipment to C Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 8 years with no renewal option. The equipment has an estimated economic life of 8 years. 2. The cost of the asset to the lessor is $558,000. The fair value of the asset at January 1, 2014, is $558,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $95,000 none of which is guaranteed. 4. C Company assumes direct responsibility for all executory costs. 5. The agreement requires equal annual rental payments, beginning on January 1, 2014. 6. Collectibility of the lease payments is reasonably predictable. There are no important uncertainties surrounding the amount of costs yet to be incurred by the lessor. The rate of return is 10% A. Calculate the monthly payment establish by the lessor B. Create an amortization table for the first two year.