On January 1, 2020, Sands Inc, signed a five-year lease for equipment with a fair market value of $990,000. Terms of the lease call for annual payments of $220,000 at the beginning of each year for five years beginning January 1, 2020. The equipment has an estimated useful life of 7 years and no salvage value. Both Sands and the lessor use straight-line depreciation, the lessor's implicit and lessee's incremental rates are both 10%, and the equipment will revert back to the lessor at the end of the lease. Required: For Sands Inc., determine how much should be recorded in 2020 for (a) Interest Expense: $ (b) Depreciation Expense: $_