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Question - Blossom Co. bought equipment and immediately leased it to Riggs Company on May 1, 2021. At that time the collectibility of the lease payments was not probable. The lease expires on May 1, 2022. Riggs could have bought the equipment from Blossom for $6050000 instead of leasing it. Blossom's accounting records showed a book value for the equipment on May 1, 2021, of $5350000. Blossom's depreciation on the equipment in 2021 was $560000. During 2021, Riggs paid $1068000 in rentals to Blossom for the 8-month period. Blossom incurred maintenance and other related costs under the terms of the lease of $116000 in 2021. After the lease with Riggs expires, Blossom will lease the equipment to another company for two years.
Compute the income before income taxes derived by Blossom from this lease for the year ended December 31, 2021?
a. $392000.
b. $560000.
c. $1068000.
d. $1004000.
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