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Sanders Rental Company (SRC) paid cash to purchase an automobile on January 1, 20X4. The car dealer gave SRC a

Sanders Rental Company (SRC) paid cash to purchase an automobile on January 1, 20X4. The car dealer gave SRC a $1,000 cash discount off the $19,000 list price. SRC then paid an additional $2,000 to equip the car with a more luxurious interior so it would have greater appeal to its clientele. SRC expected the car to have a four-year useful life and a $4,000 salvage value. SRC expected to lease the car for 100,000 miles before disposing of it. Finally, SRC leased the car to a customer who drove it 30,00040,000 ****************/

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