hedule. The five payments are made annually starting with the beginning of the lease stain to be exercised at the end of the five-year lease. The asset has an expected ecrease in Outstanding Balance Balance 39,580 ?? 30,780 6,338 24,443 6,845 17,598 7,392 10,206 ?? 2,222 0 annual amortization on the asset using the straight-line method, assuming no residual st whole dollar.) ENG 8:26P 7/19/20 re D & 6 De 7 8 ( 9 + Backup 0 P Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2,400 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 Payment Cash Payment Effective Interest Decrease in Balance 1 2 3 4 8,800 8,800 8,800 8,800 8,800 2,400 ?? 2,462 1,955 1,408 ?? 178 Outstanding Balance 39,580 30,789 24,443 17,598 10,206 ?? 6,338 6,845 7,392 ?? 2,222 5 6 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.)