Multiple Choice Question 63 On January 1, 2018, Crane Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called for Crane to make annual payments of $199000 at the beginning of each year for 5 years beginning on January 1, 2018 with the title passing to Crane at the end of this period. The equipment has an estimated useful le of 7 years and no salvage value. Crane uses the straight-line method of depreciation for all of its fixed assets. Crane accordingly accounts for this lease transaction as a capital lease. The minimum lease payments were determined to have a present value of $343704 at an effective interest rate of 9% In 2019, Crane should record interest expense of $63245 $58023 $45335 $40113 Click if you would like to Shew Work for this question Open Show Work