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?