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How much interest revenue will princess record

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Question - On January 1, 2018, Princess Corporation leased equipment to King Company. The lease term is 10 years. The first payment of $732,000 was made on January 1, 2018. The equipment cost Princess Corporation $4,577,600. The present value of the lease payments is $4,947,600. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 10%, how much interest revenue will Princess Record in 2019 on this lease? (Round your answer to the nearest dollar.)

Reference no: EM132341903

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