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What amount of interest revenue from the lease should farm

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Farm Co. leased equipment to Union Co. on July 1, 2017, and properly recorded the sales-type lease at $141000, the present value of the lease payments discounted at 10%. The first of 8 annual lease payments of $30000 due at the beginning of each year of the lease term was received and recorded on July 3, 2017. Farm had purchased the equipment for $145000. What amount of interest revenue from the lease should Farm report in its 2017 income statement?

Reference no: EM132324947

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