An operating lease calls for equal payments of $260,000, per year for 4 years followed by equal payments of $300,000 per year for an additional 4 years the lease covers a total of 8 years. The total expense related to the lease reported in the first year of the lease is what?

A. 2,200,000

B. 260,000

C. 280,000

D. The present value of the lease payments times the effective interest rate.