Remaining Time: 2 hours, 14 minutes, 45 seconds. Question Completion Status: > Moving to the next question prevents changes to this answer. Question 1 of 50 Question 1 2 points Save Answer On January 1, 2014, O'neil, Inc. signed a noncancelable lease for a silver polishing machine. The machine has an estimated useful life of nine years. The term of the lease is a six-year term with title passing to O'neil at the end of the lease. The agreement called for annual payments of $40,000 starting at the end of the first year. Assume aggregate lease payments were determined to have a present value of $200,000, based on implicit interest of 12 percent. What amount of interest expense should O'neil report in its 2014 income statement from this lease transaction? $24,000 $16,000 O 50 o $33,333 Moving to the next question prevents changes to this answer. Question 1 of 50 A 7:59