Question 16 (2 points) On January 1, 2020, X-Man Corp. signed a ten-year non-cancellable lease for new machinery. The terms of the lease called for X-Man to make annual payments of $ 100,000 at the end of each year for ten years, with title to pass to X-Man at the end of the lease period. X-Man accordingly accounted for this lease transaction as a finance lease. The machinery has an estimated useful life of 17 years and no residual value. X-Man uses straight-line depreciation for all of its property, plant and equipment. The lease payments were determined to have a present value of $ 671,008 at an effective interest rate of 8%. It was also determined that the fair value of the machinery on January 1, 2020 was $ 674.000. With respect to this lease, for the year ending December 31, 2020,X-Man should report total expenses of (rounded to the nearest dollar) Your