Delaney Enterprises leased equipment from Maloney Resources on July 1, 2019, for an eight-year period expiring June 30, 2027. The terms of the lease agreement require equal annual payments of $600,000 on July 1 of each year, starting in 2019. The effective interest rate for the lease is 8% and the present value of an annuity due of 1 for 8 periods at 8% is 6.20637 whereas the present value of an ordinary annuity of 1 for 8 periods at 8% is 5.74664. The cost of the equipment on Maloney's accounting records was $3,300,000. If Maloney properly records the lease as a sales-type lease for accounting purposes, what amount of profit on the sale and interest revenue would Maloney record for the year ended December 31, 2019 (round all amounts to the nearest dollar)? $423,822 and $148,953 $147,984 and $137,919 $423,822 and $124,953 $147,984 and $113,919