On September 1, 2018, Custom Shirts Inc. entered into a lease agreement appropriately classified as an operating lease. The lease term is three years. The annual payments by Custom Shirts are (a) $16,000 for year 1. (b) $20,000 for year 2, and (c) $24,000 for year 3. How much total lease expense will Custom Shirts recognize for 2018? (Round your answer to the nearest dollar. Do not round your intermediate calculations.) Multiple Choice $16,000 O $6,667. O $5,333 0 $20,000