Myers, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $480,000 to Shen Point Co. The 5-year lease calls for a 10% down payment and equal annual payments at the end of each year. The equipment has an expected useful life of 5 years. Shen Point's incremental borrowing rate is 10%, and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $780,000, and the rate implicit in the lease is 8%, which is known to Shen Point Co. What is the amount of interest expense recorded by Shen Point Co. for the year ended December 31, 2021? PVOA 3.99271 PV$1 0.68508 PVAD 8%, 5 periods 4.31213 10%,5 4.16986 periods 3.79079 0.62092 O $70,200 $56,160 $78,000 $62,400