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How much interest will elton record

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Question - Elton Electronics leases testing equipment to Startup Corporation. The equipment is not specialized and is delivered on January? 1, 2019. The fair value of the equipment is $ 78,000. The cost of the equipment to Elton is $ 73, 000 and the expected life of the testing equipment is 8 years. Elton incurs initial direct costs of? $10,000, which they elect to expense. The lease term for the equipment is 8 years, with the first payment due upon? delivery, and seven subsequent annual payments beginning on December? 31, 2019 and ending on December? 31, 2025.? Elton's implicit rate is 4?% and they expect that collection of the $ 10,500 lease payments is probable.

Required - How much interest will Elton record for? 2019?

Reference no: EM132867104

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