ABC Company leases a computer for 4 years for $1,200 per year. ABC uses straight-line depreciation with no salvage value. The present value of the payments is $4,794, based on an annual interest rate of 8% . (a) How much should ABC record as total lease expense in the first year under IFRS? Show and label all computations. Round to dollars and cents. (b) If this lease was a finance lease for U.S. GAAP, how much would be recorded as total lease expense in the first year using U.S. GAAP?