New Mexico Corporation leased equipment under an agreement that qualifies as a finance lease. The present value of the minimum lease payments is $120,000The lease term is five years. After the expiration of the five year lease, the lease contains a bargain purchase option. The expected economic life of the asset is eight years. Using the straight-line method, what would New Mexico record as annual amortization expense on this leased equipment ? A) $24,000 B)$15,000 C)$12,000 D)$ 30,000