Tucson fruits leased farm equipment from barr machinery on

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Reference no: EM13591051

Tucson Fruits leased farm equipment from Barr Machinery on July 1, 2011. The lease was recorded as a sales-type lease. The present value of the lease payments discounted at 10% was $40.5 million. Ten annual lease payments of $6 million are due at the beginning of each year beginning July 1, 2011. Barr had purchased the equipment for $33 million. What amount of interest revenue from the lease should Barr report in its 2011 income statement?

Reference no: EM13591051

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