Ivanhoe, Inc. leased equipment from Tower Company under a four-year lease requiring equal annual payments of $224152, with the first 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. Ivanhoe, Inc's incremental borrowing rate is 11% and the rate implicit in the lease (which is known by Ivanhoe, Inc.) is 8%. Assuming that this lease is properly classified as a finance lease, what is the amount of interest expense recorded by Ivanhoe, Inc. in the first year of the asset's life? $59394 $0 $46213 Ivanhoe, Inc. leased equipment from Tower Company under a four-year lease requiring equal annual payments of $224152, with the first 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. Ivanhoe, Inc's incremental borrowing rate is 11% and the rate implicit in the lease (which is known by Ivanhoe, Inc.) is 8%. Assuming that this lease is properly classified as a finance lease, what is the amount of interest expense recorded by Ivanhoe, Inc. in the first year of the asset's life? $59394 $0 $46213