Business, 21.05.2020 00:15 abbyhoward9302

Farm Co. leased equipment to Union Co. on January 1, 2021, and properly recorded the sales-type lease at $135,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of $20,000 due at the beginning of each year of the lease term was received and recorded on January 3, 2021. Farm had purchased the equipment for $110,000. What amount of interest revenue from the lease should Farm report in its 2021 income statement

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Farm Co. leased equipment to Union Co. on January 1, 2021, and properly recorded the sales-type leas...

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