On December 1, year 1, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $80,000 each, payable beginning December 1, year 1. Brick Co. agrees to guarantee the $10,000 residual value of the asset at the end of the lease term. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. Show supporting computations. Round to the nearest dollar. PV of Annuity Due 8%, 5 periods 4.31213 10%, 5 4.16986 periods PV of Ordinary Annuity 3.99271 PV of Single Sum 0.68508 3.79079 0.62092 How much interest expense will Brick Co. report in its income statement for the year ended December 31, year 1