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A is corrent.  Melville’s gross profit is the difference between the present value of the lease payments, $3,520,000 (which is also the cash selling price of the equipment), and the cost of goods sold ($2,800,000), or $720,000.  Interest income is found by multiplying the book value of the receivable from the lessee (total lease payments receivable minus unearned interest) outstanding during year 1 ($3,520,000 initial balance less $600,000 payment made on 7/1/Y1) times the implicit interest rate (10%) for 1/2 of a year. Therefore, interest income is $146,000 ($2,920,000 x 10% x 1/2).
B is incorrect.   Melville’s gross profit is the difference between the present value of the lease payments, $3,520,000 (which is also the cash selling price of the equipment), and the cost of goods sold ($2,800,000), or $720,000.  Interest income is found by multiplying the book value of the receivable from the lessee (total lease payments receivable minus unearned interest) outstanding during year 1 ($3,520,000 initial balance less $600,000 payment made on 7/1/Y1) times the implicit interest rate (10%) for 1/2 of a year. Therefore, interest income is $146,000 ($2,920,000 x 10% x 1/2).  
B is incorrect.   Melville’s gross profit is the difference between the present value of the lease payments, $3,520,000 (which is also the cash selling price of the equipment), and the cost of goods sold ($2,800,000), or $720,000.  Interest income is found by multiplying the book value of the receivable from the lessee (total lease payments receivable minus unearned interest) outstanding during year 1 ($3,520,000 initial balance less $600,000 payment made on 7/1/Y1) times the implicit interest rate (10%) for 1/2 of a year. Therefore, interest income is $146,000 ($2,920,000 x 10% x 1/2).  
D is incorrect.   Melville’s gross profit is the difference between the present value of the lease payments, $3,520,000 (which is also the cash selling price of the equipment), and the cost of goods sold ($2,800,000), or $720,000.  Interest income is found by multiplying the book value of the receivable from the lessee (total lease payments receivable minus unearned interest) outstanding during year 1 ($3,520,000 initial balance less $600,000 payment made on 7/1/Y1) times the implicit interest rate (10%) for 1/2 of a year. Therefore, interest income is $146,000 ($2,920,000 x 10% x 1/2).