(b) On December 31, 2017, Cheyenne Co. sold amachine to Cross Co. and simultaneously leased it back for oneyear. The sales price of the machine was $483,700, the carryingamount is $418,300, and it had an estimated remaining useful lifeof 14 years. The present value of the rental payments for the oneyear is $35,200. At December 31, 2017, how much should Cheyennereport as deferred revenue from the sale of the machine?
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