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What is the amount of finance income recorded by the lessor

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Reference no: EM133149581

Question - The following are characteristics of a lease entered into on January 1, 2020:

Price of leased asset from manufacturer 312,094

Lease payments 100,000

Lease term 4 years

Lease frequency Annual

Payment timing End of year

Guaranteed residual value 35,000

Expected payout under residual value guarantee 35,000

Interest rate implicit in the lease agreement 14%

Required - What is the amount of finance income recorded by the lessor in 2020?

Reference no: EM133149581

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