sale and lease back

1. (2) Frayn entered into a sale and finance leaseback arrangement on 1 Jan 20X1 when the carrying amount of the asset was $70,000, based upon a 10 year useful life, and sale proceeds were at fair value of $120,000. The remaining useful life of the asset was five years. The lease provided for five annual rentals of $30,000 payable in arrears on 31 December of each year. The interest rate implicit in the lease was 8%. Calculate the net expense recognised in profit or loss in the year to 31 December 20X1. A $33,600 B $23,600 C $13,600 D $11,600 dear sir plzz tell me y we less release profit when finding net expense