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George co leased equipment to shapiro co on july 1 2014 and

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George Co. leased equipment to Shapiro Co. on July 1, 2014, and properly recorded the sales-type lease at $64,682, the present value of the lease payments discounted at 8%. The first of five annual lease payments of $15,000 due at the beginning of each year of the lease term was received and recorded on July 3, 2014. George had purchased the equipment for $60,000. What amount related to the lease contract that George will report in 2014 income statement?

Reference no: EM13483762

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