The following information relates to Wilson, Inc.s equipment lease with an inception date of January 1: Fair value of equipment at lease inception, $91,200. Lease term, 4 years. Economic life of property, 5 years. Implicit interest rate, 6%.Annual lease payment due on December 31, $25,600. Present value of the lease payments, $88,707.The equipment reverts back to the lessor at the end of the lease term. How much is interest expense on the lease for the first year? $5,472 $1,331 $5,322