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What amount of interest revenue

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Question - Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discounted at 8% was $79,700. Ten annual lease payments of $11,000 are due each year beginning July 1, 2021. Smith Co. had constructed the equipment recently for $70,000, and its retail fair value was $79,700.

What amount of interest revenue from the lease should Smith Co. report in its December 31, 2021, income statement?

$2,748.

$6,376.

$3,985.

$11,000.

Reference no: EM132486906

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