Refer to the following lease amortization schedule. The 10 p…
Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is no purchase option or guaranteed residual value. The asset has an expected economic life of 12 years. The lease is noncancelable. Payment Cash Payment Effective Interest Decrease in balance Outstanding Balance $ 83,943 1 $ 12,000 $ 0 $ 12,000 71,943 2 12,000 6,475 5,525 66,418 3 12,000 5,978 6,022 60,396 4 12,000 5,436 6,564 53,832 5 12,000 4,845 7,155 46,677 6 12,000 4,201 7,799 38,878 7 12,000 3,499 8,501 30,377 8 12,000 $ 2,734 $ 9,266 $ 21,111 9 12,000 ?question mark ?question mark ?question mark 10 $ 12,000 ?question mark ?question mark ?question mark What amount would the lessee record as annual amortization on the right-of-use asset using the straight-line method? Note: Round your answer to the nearest whole dollar.