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Business, 01.07.2020 21:01 angelyce4142

Cullumber Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $131,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of $19,600 due at the beginning of each year of the lease term was received and recorded on July 1, 2021. Cullumber had purchased the equipment for $120,000. What amount of interest revenue from the lease should Cullumber report in its December 2021 income statement

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Cullumber Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type le...
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