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On June 30, year 1, Lang Co. sold equipment with an estimated useful life of eleven years and immediately leased it back for ten years. The equipment’s carrying amount was $450,000; the sale price was $430,000; and the present value of the lease payments, which is equal to the fair value of the equipment, was $465,000. In its June 30, year 1 balance sheet, what amount should Lang report as deferred loss?