On December 31, year 1, Parke Corp. sold Edlow Corp. an airplane with an estimated remaining useful life of ten years. At the same time, Parke leased back the airplane for three years. Additional information is as follows:
Sales price $600,000
Carrying amount of airplane at date of sale $100,000
Monthly rental under lease $ 6,330
Interest rate implicit in the lease as computed by Edlow and known by Parke (this rate is lower than the lessee’s incremental borrowing rate) 12%
Present value of operating lease rentals ($6,330 for 36 months @ 12%) $190,581
The leaseback is considered an operating lease. In Parke’s December 31, year 1 balance sheet, what amount should be included as deferred revenue on this transaction?