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31, On January 1, 2021, Ale Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Ale to make annual bayments of $180,000 at the beginning of each year for five years with title passing to Ale at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Ale uses the straight-line method of depreciation for all of its fixed assets. Ale accordingly accounts for this lease transaction as a finance lease. The lease payments were determined to have a present value of $750,578 at an effective interest rate of 10%. With respect to this lease, for 2022 Ale should record a. interest expense of $57,058. b. interest expense of $75,058. c. interest expense of $44,764. d. interest expense of $62,764