On December 31, 2019, Burton, Inc. leased machinery with a fair value of $840,000 from Cey Rentals Co. The agreement is a six-year, noncancelable lease requiring annual payments of $160,000 beginning December 31, 2019. The lease is appropriately accounted for by Cey as a finance lease. Cey's incremental borrowing rate is 11%. Cey knows the interest rate implicit in the lease payments is 10%. The present value of an annuity due of $1 for 6 years at 10% is 4.7908. The present value of an annuity due of $1 for 6 years at 11% is 4.6959.

In its December 31, 2019 balance sheet, Burton's lease payable equals what amount?

In its December 31, 2019 balance sheet, Burton's right-of-use asset equals what amount?

For fiscal year 2020, Burton should report interest expense of what amount

For fiscal year 2020, Burton should report amortization expense of what amount

What is the total interest expense recognized by Burton of the life of the lease