Current Attempt in Progress

Presented below are three independent situations. All the companies involved use ASPE, unless otherwise noted.

On December $31,2023,$ Ivanhoe Inc. sold equipment to Oriole Corp. and immediately leased it back for $10$ years. The

equipment's selling price was $$526,000,$ its carrying amount was $$406,000,$ and its estimated remaining economic life was $12$

years.

On December $31,2023,$ Pharoah Corp. sold a machine to Sheridan Ltd$.$ and simultaneously leased it back for one year. The

machine's selling price was $$483,000,$ its carrying amount was $$421,700,$ and it had an estimated remaining useful life of $14$

years. The rental payments' PV for one year is $$34,800.$

On January $1,2023,$ Carla Corp. sold equipment with an estimated useful life of five years. At the same time, Carla leased

back the equipment for two years under a lease classified as an operating lease. The equipment's selling price $($fair value$)$ was

$$213,200,$ the carrying amount was $$306,700,$ the monthly rental under the lease was $$6,500,$ and the rental payments

was $$115,453.$

$($a$)$

For situation $1$: Determine the amount of unearned profit to be reported by Ivanhoe from the equipment sale on December $31,$

Unearned profit $