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On June 30, 2018, Blossom Co. sold equipment to an unaffiliated company for $2,500,000. The...

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Accounting

On June 30, 2018, Blossom Co. sold equipment to an unaffiliated company for $2,500,000. The equipment had a book value of $1,330,000 and a remaining useful life of 10 years. That same day, Blossom leased back the equipment at $13,000 per month for 5 years with no option to renew the lease or repurchase the equipment. Blossom's rent expense for this equipment for the year ended December 31,2018, should be

$78000

$104000

$130000

$312000

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