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What amount of gross profit will Thomas report

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Problem - Thomas entered a four-year sales-type lease with a lessee. The lease is for equipment with a fair value of $40,000, a cost of $34,000, and a residual value of $7,000. The lease has an implicit rate of 6%. The present value factor of a single sum for four periods at 6% is.79209, and the present value factor of an ordinary annuity for four periods at 6% is 3.46511. What amount of gross profit will Thomas report if the lease has a(n).

Reference no: EM133039056

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