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? Select one: a. $5 , 322 b. $5 , 472 c. $1 , 331 d. $2 , 736