On June 30, 2018, Cullumber Co. sold equipment to an unaffiliated company for $2600000. The equipment had a book value of $1380000 and a remaining useful life of 10 years. That same day, Cullumber leased back the equipment at $13200 per month for 5 years with no option to renew the lease or repurchase the equipment. Cullumber's rent expense for this equipment for the year ended December 31, 2018, should be