3. On December 31, 2019, Burton, Inc. leased machinery with a fair value of $840,000 from Cey Rentals Co. The agreement is a six-year, noncancelable lease requiring annual payments of $160,000 beginning December 31, 2019. The lease is appropriately accounted for by Cey as a finance lease. Cey's incremental borrowing rate is 11%. Cey knows the interest rate implicit in the lease payments is 10% The present value of an annuity due of $1 for 6 years at 10% is 4.7908. The present value of an annuity due of $1 for 6 years at 11% is 4.6959. For fiscal year 2020, Burton should report interest expense of what amount