Blossom Company leased equipment to the Polan Company on July 1, 2021, for a 10-year period expiring June 30, 2031. Equal annual payments under the lease are $238000 and are due on July 1 of each year. The first payment was made on July 1, 2021. The rate of interest contemplated by Blossom and Polan is 9%. The lease receivable before the first payment is $1660000 and the cost of the equipment on Blossom's accounting records was $1468000. Assuming that the lease is appropriately recorded as a sale for accounting purposes by Blossom, what is the amount of proht on the sale and the interest revenue that Blossom would record for the year ended December 31, 20212 $192000 and $127980 $192000 and $149400 $0 and $0 $192000 and $63990 On January 1, 2021, Pharoah, Inc. signs a 10-year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement (a) The agreement requires equal rental payments at the beginning each year, (b) The fair value of the building on January 1, 2021 is $6200000; however, the book value to Holt is $5150000 (c) The building has an estimated economic life of 10 years, with no residual value, Pharoah depreciates similar bulldings using the straight-line method. (d) At the termination of the lease, the title to the building will be transferred to the lessee. (e) Pharoah's incremental borrowing rate is 12% per year. Holt Warehouse Co set the annual rental to insure a 11% rate of return. The Implicit rate of the lessor is known by Pharoah, Inc. (n) The yearly rental payment includes $15400 of executory costs related to taxes on the property Click here to view factor tables What is the annual lease payment excluding executory costs? (Rounded to the nearest dollar) $933040 $963840 $328440 $948440 A reconciliation of Blossom Company's pretax accounting income with its taxable income for 2021, its first year of operations, is as follows: $4300000 Pretax accounting income Excess tax depreciation Taxable income (213000) $4087000 The excess tax depreciation will result in equal net taxable amounts in each of the next three years. Enacted tax rates are 30% in 2021, 25% in 2022 and 2023, and 20% in 2024. The total deferred tax liability to be reported on Blossom's balance sheet at December 31, 2021.is $63900 $42600 $49700 $53250