on January 1, 2020 Amman Co. leased machinery from Jordan co. The lease term is 7 years and requires lease payments of $350,000 are made at the beginning of each year. The present value of the lease payments at 10% is $1,704,000. an estimated useful life of 7 years and no residual value. straight-line depreciation. The appropriate interest rate is 10% The interest expense for 2020 is