QUESTION 16 Tiger Company leased equipment to the Exotic Company on July 1, 2021, for a ten-year period expiring June 30, 2031. Equal annual payments under the lease are $240,000 and are due on July 1 of each year. The first payment was made on July 1, 2021. The lessors' implicit rate of interest is 9%. The residual value is zero. The lease receivable before the first payment is $1,680,000 and the cost of the equipment on Tiger's accounting records was $1,412,000. Assuming that the lease is appropriately recorded as a sale for accounting purposes by Tiger Company, what is the amount of profit on the sale and the interest revenue that Tiger would record for the year ended December 31, 2021? $0 and $0 $268,000 and $151,200 $268,000 and $64,800 $268,000 and $129,600 QUESTION 17 For a sales-type lease, assets are depreciated by the lessor. the present value of the guaranteed residual value is deducted to determine the cost of goods sold. O the gross profit will be the same whether the residual value is guaranteed or unguaranteed. the sales price includes the present value of the unguaranteed residual value