XYZ Company leased equipment to West Corporation under a lease agreement that qualifies as a finance lease to West but not as a result of a bargain purchase option or a title transfer. The present value of the lease payments is $740,000. The expected economic life of the asset is seven years. The lease term is five years. Using the straight line method, what would West record as annual amortization? Multiple Choice $148,000 $0 $74,000 $147685