7) Gage Ca purchases land and constructs a service station and car wash for a total of E540,000. AL January 2, 2018, when construction is completed, the facility atil land on which it was constructal are sold to a major oil company for E600,000 and immediately leased from the oil company by Gage. Fair value of the land at time of the sale was 60,000. The case is a 10-year, noncancelable lanse. Gage uses straight-line depreciation for its other various business holdings. The coonomic life of the facility is 15 years with zero salvage value. "Title to the facility and land will puss to Gage Co, ut termination of the lease. A partial amortization schedule for this fease is as follows: Payments Interest. Amortization Balance . Jan. 2. 2018 600,000.00 Dec. 31, 2018 97,646.71 60,000.00 37,646.71 562,353,29. Dec 31, 2019 97,646.71 56,235.33 41,411.38 520,941,91. Dec 31, 2020 97,646.71 52,004.19 45,552,52 475,389.39. Required: a) Determine the discount rate implicit in the amortization schedule presented above. b) Determine the total lease-related expenses recognized by the lessee during 2019