Presented below are four independent situations.
  (a) On December 31, 2012, Beard Inc. sold computer equipment to Barber Co. and immediately leased it back for 10 years. The sales price of the equipment was $560,000, its carrying amount is $400,000, and its estimated remaining economic life is 12 years. Determine the amount of deferred revenue to be reported from the sale of the computer equipment on December 31, 2012.
  (b) On December 31, 2012, Nicklaus Co. sold a machine to Ozaki Co. and simultaneously leased it back for one year. The sales price of the machine was $480,000, the carrying amount is $420,000, and it had an estimated remaining useful life of 14 years. The present value of the rental payments for the one year is $35,000. At December 31, 2012, how much should Nicklaus report as deferred revenue from the sale of the machine?
  (c) On January 1, 2012, Barone Corp. sold an airplane with an estimated useful life of 10 years. At the same time, Barone leased back the plane for 10 years. The sales price of the airplane was $500,000, the carrying amount $401,000, and the annual rental $73,975. Barone Corp. intends to depreciate the leased asset using the sum-of-the-years’-digits depreciation method. Discuss how the gain on the sale should be reported at the end of 2012 in the financial statements.
  (d) On January 1, 2012, Durocher Co. sold equipment with an estimated useful life of 5 years. At the same time, Durocher leased back the equipment for 2 years under a lease classified as an operating lease. The sales price (fair value) of the equipment was $212,700, the carrying amount is $300,000, the monthly rental under the lease is $6,000, and the present value of the rental payments is $115,753. For the year ended December 31, 2012, determine which items would be reported on its income statement for the sale-leaseback transaction.