MC On January 2, 2021, Texas Oil Co. (lessee) entered into a 5-year lease for drilling equipment. Texas accounted for the acquisition as a finance lease for $255,200, which includes a $7,600 purchase option at the end of the lease. Texas is reasonably certain to exercise the purchase option. Texas estimates that the equipment's fair value will be $15,200 at the end of its 8-year life. For the year ended December 31, 2021, what amount should Texas recognize as amortization expense on the right-of-use asset? Multiple Choice $30,000 $49,520 $22.800