Emma Corp. manufactured equipment at a cost of $20,171 and leased it to Boreal Corp. on January 1, 2019 for an eight-year period expiring December 31, 2026. Eight years is considered a major part of the assets economic life. Equal payments under the lease are $2,515 and are due on January 1 and July 1 of each year. The first payment was made on July 1, 2019. The list selling price of the equipment is $36,682 and the implicit rate used by Emma is 8%. What amount of selling profit should Emma report for the year ended December 31, 2019?

Additional information:

Present value of an annuity due of $1 for 8 periods at 8% 6.21

Present value of an annuity of $1 for 8 periods at 8% 5.75

Present value of an annuity due of $1 for 16 periods at 4% 12.12

Present value of an annuity of $1 for 16 periods at 4% 11.65