Question 37 2.5 pts Spielberg Corporation leases filming equipment from Cameron Company on January 1, 2020. The lease agreement does not transfer ownership, does not contain a bargain purchase option, and is not specialized equipment. The lease covers 3 years of the equipment's 8-year useful life with an option for Spielberg to extend the lease for 3 additional years at market rates. Finally, the present value of the lease payments is less than 90% of the fair value of the asset leased. Assume the annual lease payment is $40,000 at the beginning of each year, and Spielberg's incremental borrowing rate is 8%, which is the same as Cameron's implicit rate. The present value of an annuity due of 1 for 3 years at 8% is 2.78326. What will Spielberg's total lease expense be for the year ended December 31, 2020? O $60,000 Spielberg will not record any lease expense because this is a finance lease. O $40.000 O $50,000