Question 8 1 points Save Answer Randall Co leased a machine on January 1, 2018, for a three-year period ending December 31, 2020. The lease agreement specified annual payments of $37,400 beginning with the first payment at the beginning of the lease, and each December 31 through 2019. The company had the option to purchase the machine on December 30, 2020, for $21,360 when its fair value was expected to be $43,810, a sufficient difference that exercise seems reasonably certain. The machine's estimated useful life was six years with no salvage value. Federated was aware that the lessor's implicit rate of return was 10% n/I 3 periods, 10% PV of $1 0.75131 PV, ordinary annuity 2.48685 PV, annuity due 2.73554 What is the amount of amortization expense for the 1st year of the lease