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Brief Exercise 15-16 Lessor's initial direct costs; sales-type lease [LO15-3, 15-7] Bryant leased equipment that had a retail cash selling price of $790,000 and a useful life of four years with no residual value. The lessor paid $625,000 to acquire the equipment and used an implicit rate of 7% when calculating annual lease payments of $217,972 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 $24,500. 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 complete but not entirely correct. Impact on lessor's pretax earnings Sales revenue Cost of goods sold Selling expense Interest revenue $ 790,000 625,000 24,500 40,042 Depreciation expense 180,542 Income effect 660,084