Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to 2 Bryant leased equipment that had a retail cash selling price of $780,000 and a useful life of six years with no residual value. The lessor Pald S620000 to acquire the equipment and used an implicit rate of 9% when calculating annual lease payments of $159,521 beginning January 1, the beginning of the lease. Lease payments will be made January 1 each year of the lease. Incremental costs of consummating the lease transaction incurred by the lessor were $24,000 What is the effect of the lease on the lessor's earnings during the first year (ignore taxes)? (Input decreases to income as negative amounts. Round Interest revenue to the nearest whole dollar.) Answer is not complete. Amortization expense K Prex 12 of 39 Next>