Sanborn Sea Adventures signed a lease for a new boat on July 1, 2019. The fair market value for the boat on the day the lease is signed is $178,000. The lease term is 6-years. Economic life of the boat is 7-years. Sanborn knows the implicit rate in the lease is 5%. Annual payments of $31,999 are due at the beginning of each year. Guaranteed residual value is $90,000, but Sanborn expect the boat to only be worth $80,000 at the end of the lease. How much will Sanborn record in ROU Amortization Expense on the boat during 2019. 12,714 14,833 None of the other choices shown are correct. 25,428 17,123 29,667