Mayer Co. leased equipment from Lennon Co. on 7/1/2010 for an 8 yr period expiring 6/30/2018. Equal annual payments of $300,000 are due July 1 of each yr. 8% interest rate; selling price $1,861,875; cost 1,600,000. Assuming that the lease is recorded as as sale what is the amt of profit of the sale and the interest income Lennon would record for Dec. 13,2010