In connection with an equipment lease initiated on Januray 1, 2020. John records a lease liability of $500,000. The term of the lease is 5 years. The lease agreement states that John assumes ownership of equipment, which has an economic life of 10 years, at the end of the lease term. Assuming John uses straigt-line amortization, what amount of amortization expenses shouod John record for 2020.

a. $500,000

b. $50,000

c. $0