Business, 26.02.2020 05:43 brandon2222269

Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2018. The manufacturing cost of the computers was $18 million. This noncancelable lease had the following terms:

Lease payments: $2,819,901 semiannually; first payment at January 1, 2018; remaining payments at June 30 and December 31 each year through June 30, 2022.
Lease term: 5 years (10 semi-annual payments).
No residual value; no purchase option.
Economic life of equipment: 5 years.
Implicit interest rate and lessee's incremental borrowing rate: 6% semiannually.
Fair value of the computers at January 1, 2018: $22 million.

What is the interest revenue that Technoid would report for this lease in its 2018 income statement?

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Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2...

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