c) On January 1, 2017, Ayayai Corp. sold anairplane with an estimated useful life of 10 years. At the sametime, Ayayai leased back the plane for 10 years. The sales price ofthe airplane was $501,600, the carrying amount $379,500, and theannual rental $73,571. Ayayai Corp. intends to depreciate theleased asset using the sum-of-the-years’-digits depreciationmethod. How much gain on the sale should be reported at the end of2017 in the financial statements?
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