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3 points Haystack, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $480,000 to Silver Point Co. The 5-year lease calls for a 10% down payment and equal annual payments at the end of each year. The equipment has an expected useful life of 5 years. Silver Point's incremental borrowing rate is 10%. and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $780,000, and the rate implicit in the lease is 8%, which is known to Silver Point Co. What is the amount of interest expense recorded by Silver Point Co. for the year ended December 31, 2021? PV Annuity Due PV Single Sum 8%, 5 periods 4.31213 PV Ordinary Annuity 3.99271 3.79079 68508 .62092 10%, 5 periods 4.16986 70,200 56,160 62,400 78,000