Blossom Company, a dealer in machinery and equipment, leased equipment to Sands, Inc., on July 1, 2021. The lease is appropriately accounted for as a sales-type lease by Blossom and as a finance lease by Sands. The lease is for a 10-year period (the useful life of the asset) expiring June 30, 2031. The first of 10 equl annual payments of $698000 was made on July 1.2021. Blossom had purchased the equipment for $4600000 on January 1, 2021, and established a list selling price of $6550000 on the equipment Assume that the present value at July 1, 2021. of the rent payments over the lease term discounted at 8% (the appropriate interest rate) was $5350000 What is the amount of profit on the sale and the amount of interest revenue that Blossom should record for the year ended December 31, 2021 50 and 5156080 $750000 and $214000 51200000 and $428000 5750000 and 5186080