Please show all work and explain how you got the answer. Thank you kindly.

Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying and requires an interest rate implicit in the lease that is one percent below alternate methods of financing. On September 30, 2016, the company leased a delivery truck to a local florist, Anything Grows The lease agreement specified quarterly payments of $7,500 beginning September 30, 2016, the inception of the lease, and each quarter (December 31, March 31, and June 30) through June 30, 2019 (three-year lease term). The florist had the option to purchase the truck on September 29, 2018, for $15,000 when it was expected to have a residual value of $20,000. The estimated useful life of the truck is four years. Mid-South Auto Leasing's quarterly interest rate for determining payments was 3% (approximately 12% annually) Mid-South paid $61,000 for the truck. Both companies use straight-line depreciation. Anything Grows, incremental interest rate is 12%. Hint: A lease term ends for accounting purposes when an option becomes exercisable if it's expected to be exercised (i.e., a BPO). (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required 1. Calculate the amount of dealer's profit that Mid-South would recognize in this sales- type lease. (Be careful to note that, although payments occur on the last calendar day of each quarter, since the first payment was at the inception of the lease, payments represent an annuity due.) Dealer's profit