On June 30, 2018, Sheridan Co. sold equipment to an unaffiliated company for $1650000. The equipment had a book value of $905000 and a remaining useful life of 10 years. That same day, Sheridan leased back the equipment at $11300 per month for 5 years with no option to renew the lease or repurchase the equipment. Sheridan's rent expense for this equipment for the year ended December 31, 2018, should be $271200. $67800. $90400. $113000