Boreal Corpleased a new machine from Jarvis Corp beginning on Januaryt year 2009 for an eight year periodexing December 31 year 2016 Jarvis Corp manufactured equipment at a cost of $600000 Eight years is considered a major part of the asset's economice Lease payments are $60000 and are due on January 1 and July 1 of each yout. The first payment was made on January 1 year 2009. The list selling price of the equipment is 5750.000 and the implicit rate used by Jarvis Is What amount of seling profit or loss should Jarvis report for the year ended December 31, year 20097 Additional information: PV of an annuity due of 1 for 8 periods at 8% PV of an anuny due of $1 for 16 periods at 4% PV of an annuity due of $1 for 16 periods at 8% 1212 956 Multiple Choice A loss of $227400 A loss of $26.400 Aprofit of $127200 Multiple Choice A loss of $227,400 A loss of $ 26,400 A profit of $127,200 A profit of $150,000