Save 4 points Kyle Consulting leased machinery from Red Inc. on January 1, 2018. The lease was recorded as an operating loase. The present value of the lease payments discounted at 12% was $567,000. Eight annual lease payments of $89,598 are due each Jan 1 beginning January 1, 2018 On December 31, 2018 the amount reported as Amortization Expense on the Income Statement will be