On January $1,2023,$ Crane Inc. sold a piece of equipment to Sheffield Ltd$.$ for $$256,000,$ and immediately leased the equipment back.

At the time, the equipment was carried on Crane's books at a cost of $$384,000,$ less accumulated depreciation of $$154,000.$ The lease

is a capital lease to Crane, with a lease term of $5$ years. The equipment under capital lease will be depreciated in Crane's books over

five years using double$-$declining balance depreciation.

$($a$)$

$$ Your answer is incorrect.

Calculate the amortization of the deferred gain on sale to be recorded at the end of $2023,$ if Crane follows ASPE.

The amortization of the deferred gain on sale