Question: I need help solving this question please On January 1, 2020, Dean Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the

I need help solving this question pleaseI need help solving this question please On January 1, 2020, Dean

On January 1, 2020, Dean Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Dean to make annual payments of $150,000 at the end of each year for ten years with the title passing to Dean at the end of this period. The machinery has an estimated useful life of 15 years and no salvage value. Dean uses the straight line method of depreciation for all of its fixed assets. Dean accordingly accounted for this lease transaction as a finance lease. The lease payments were determined to have a present value of $1,006,512 at an effective interest rate of 8%, with respect to this financing lease, Dean should record for 2020 Select one: a. lease expense of $150,000. b. interest expense of $80,521 and amortizaton expense of $67,101. c. interest expense of $67,101 and amortization expense of $57,102 d. interest expense of $68,522 and amortization expense of $100,652

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