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How interest revenue for fiscal year equals

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Problem 1: IBM leases equipment to Schleck Inc. The non-cancelable term is 6 years beginning January 1, 20X1, with equal rental payments of $41,900 paid at the beginning of each year. Schleck guarantees the $10,000 residual value. The fair value of the equipment at the inception of the lease is $215,496 and its cost is $180,000. The equipment has a useful life of 7 years. The lessee's incremental borrowing rate is 10%, and the lessor's implicit interest rate of 8% is known to the lessee. Interest revenue for fiscal year 20X1 equals?

Reference no: EM132652524

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