Carla Salons leased equipment from SmithCo on July 1, 2016, in a Type A lease. The present value of the lease payments discounted at 10% was $80,000. Ten annual lease payments of $12,000 are due each July 1, beginning July 1, 2016. SmithCo had constructed the equipment recently for $66,000, and its retail fair value was $80,000. Under the new ASU, (and assuming the lessee obtains "control" of the asset} what amount did SmithCo record in its December 31, 2016, income statement in connection with the lease?