On January 1, 2020, Free Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Free to make annual payments of $220,000 at the beginning of each year for ten years with the title passing to Free at the end of this period. Free uses the straight-line method of amortization for all of its leased assets and the leased machinery has an estimated useful life of 14 years and no salvage value. Free accordingly accounted for this lease transaction as a finance lease. The lease payments were determined to have a present value of $1,594,316 at an effective interest rate of 8%. With respect to this capitalized lease, Free should record amortization expense for the year ending December 31, 2020 in the amount of