What would be the increase in earnings that the lessor would report in its income statement for the yesr ended December 31,2016?

A lease agreement that qualifies as a finance lease calls for annual lease payments of $60,000 over a six-year lease asset's useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 7%. The lessor's calendar year. The lessor manufactured this asset at a cost of $280,000. (FV of $1. PV of $1. FVA of $1. PVA of $1. FV PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: a. Determine the price at which the lessor is "selling" the asset (present value of the lease payments). b. Create a partial amortization table through the second payment on January 1, 2017 c. What would be the increase in earnings that the lessor would report in its income statement for the year ended De (ignore taxes)? Complete this question by entering your answers in the tabs below. Required A Required B Required What would be the increase in earnings that the lessor would report in its income statement for the year ended December 2016 (ignore taxes)? (Input decreases to income as negative amounts. Round your answers to nearest whole number.) Pretax impact on income related to the lease: Cost of goods sold $ 246,012 Sales revenue 306,012 Interest revenue 17,221 Total pretax impact on income $ 569,245