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Moving to another question will save this response. estion 1 1.25 points Save Answer Pisa, Inc. leased equipment from Tower Company under a four-year lease requiring equal annual payments of $43,019, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no residual value. Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%. Assuming that this lease is properly classified as a finance lease, what is the amount of interest expense recorded by Pisa, Inc. in the first year of the asset's life? PV Annuity Due 3.57710 8%, 4 periods 10%, 4 periods A $8,869 PV Ordinary Annuity 3.31213 3.16986 3.48685 B. SO C. $11,399 D. $12,310.5