a lessor, ace corp. entered into an equipment lease with an lessee, spades inc. the terms of the lease require annual lease payments of $48,000 over a 10-year period, with the first payment due immediately upon the commencement of the lease on january 1. there is no estimated residual value. the implicit rate of the lease is 5%. what amount would the lessor report in its income statement (ignoring taxes) for the year ended december 31?