Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Cash Payment Effective Interest Decrease in balance Payment 2 w N 4 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 5 Outstanding Balance 88,595 74,595 69,547 63,893 57,560 50,467 42,523 33,626 23,661 ? 8,951 8,346 7,667 6,907 6,056 5,103 4,035 14,000 5,049 5,654 6,333 7,093 7,944 8,897 9,965 ? 6 7 8 9 ? 10 ? ? ? What amount would the lessee record as annual amortization on the right-of-use asset using the straight-line method? (Round your answer to the nearest dollar.)