Fox Company, a dealer in machinery and equipment, leased equipment to Tiger, Inc. on July 1, 2008. The lease is appropriately accounted for as sale by Fox and as a purchase by Tiger. The lease is for a 10-year period (the asset^?s useful life), expiring June 30) 2018. The first of 10 equal payments of $500,000 was made on July h 2008. Fox had purchased the equipment for $2,675,000 on January 1, 2008 and established a list selling price of $3,375,000 on the equipment. Assume that at July 1, 2008 the present value of the rent payments over the lease term discounted at 12% (the appropriate interest rate) was $3,165,000. . Required: 1. What is the amount of profit on the sale and the amount of interest income that Fox should record for the year ended December 3!, 2008? How much interest income should Fox record in 2009? 2. Assume that Tiger uses straight-line depreciation and a 12% discount rate. What is the amount of depreciation and interest expense that Tiger should record for the year ended December 31, 2008 and for the year ended December 31, 2009