Aerotech Inc., a dealer in machinery and equipment, leased equipment to Quality Products on July 1,2008. The lease is appropriately accounted for as a sale by Aerotech and as a purchase by Quality. Thelease is for a ten-year period (the useful life of the asset) expiring June 30, 2018. The first of ten equalannual payments of $250,000 was made on July 1, 2008. Aerotech had purchased the equipment for$1,337,500 on January 1, 2008, and established a list selling price of $1,687,500 on the equipment. As-sume that the present value at July 1, 2008, of the rent payments over the lease term discounted at 12percent (the appropriate interest rate) was $1,582,500. What is the amount of profit on the sale and theamount of interest income that Aerotech should record for the year ended December 31, 2008?