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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

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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 dutstanding Payment in balance 10, 000 10, 000 10, 000 10, 000 10, 000 10, 000 10, 000 10, 000 10, 000 10, 000 6, 394 5, 961 5, 477 4, 934 4, 325 3, 645 2, 882 10, 000 3, 606 4, 039 4, 523 5, 066 5, 674 6, 355 7, 118 Balance 63, 282 53, 282 49, 676 45, 638 41, 111 36, 048 30, 373 24, 018 16, 901 What amount would the lessee record as annual amortization on the right-of-use asset using the straight-line method

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