Document Connect Equity Accounting Search For A Public Company with which you Saved Help Save & Exit Submit Duiz Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $1,800 purchase option is reasonably certain to be exercised at the end of the five-year lease. The asset has an expected economic life of eight years. Lease Cash Payment Payment 1 2 3 4 5 6 7,900 7,900 7,900 7,900 7,900 1,800 Effective Decrease in Outstanding Interest Balance Balance 34,060 72 22 26,160 2,616 5,284 20,876 2,088 5,812 15,063 1,506 6,394 8,669 ?? 22 22 164 1,636 0 What amount would the lessee record as annual amortization on the asset using the straight-line method, assuming no residual value? (Round your answer to the nearest whole dollar.) Multiple Choice $3.270 $5,163 $4257