Check Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Cash Effective Decrease Outstanding Payment Payment Interest in balance Balance 87,867 1 13,000 13,000 5,513 74,867 2 13,000 7,487 69,354 3 13,000 13,000 13,000 13,000 13,000 6,935 6,329 6,065 63,289 A 6,671 56,618 49,280 41,208 32,329 5,662 7,338 6 4,928 8,072 7 4,121 8,879 13,000 3,233 9,767 22,562 9 13,000 10 13,000 2 What amount would the lessee record as annual amortization on the right-of-use asset using the straight-line method? (Round your answer to the nearest dollar.) Multiple Choice $7487