Cullumber, Inc leased equipment from Tower Company under a 4 year lease requiring equal annual paryments of $324152, with the furst payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. Cullumber, Incis incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Cullumber, Inc) is 7%, Assuming that this lease is properly classified as a finance lease, what is the amount of interest expense recorded by Cullumber, Inc in the first year of the asset's life? \$76858 $59548 $32415 50