Cormorant Corp. manufactured equipment at a cost of $600,000 and leased it to Boreal Corp. on January 1, year 9 for an eight-year period expiring December 31, year 16. Eight years is considered a major part of the asset's economic life. Equal payments under the lease are $60,000 and are due on January 1 and July 1 of each year. The first payment was made on January 1, year 9. The list selling price of the equipment is $750,000 and the implicit rate used by Cormorant is 8%. What amount of selling profit or loss should Cormorant report for the year ended December 31, year 9? 6.21 Additional information: Present value of an annuity due of $1 for 8 periods at 8% Present value of an annuity due of $1 for 16 periods at 4% Present value of an annuity due of $1 for 16 periods at 8% 12.12 9.56 Multiple Choice $127,200 profit None of the above $227,400 loss $26,400