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Question - Pharoah Company leased machinery to Stine Company on July 1, 2021, for a 10-year period expiring June 30, 2031. Equal annual payments under the lease are $242000 and are due on July 1 of each year. The first payment was made on July 1, 2021. The rate of interest used by Pharoah and Stine is 9%. The lease receivable before the first payment is $1670000 and the cost of the machinery on Pharoah's accounting records was $1470000. Assuming that the lease is appropriately recorded as a sale for accounting purposes by Pharoah, what amount of interest revenue would Pharoah record for the year ended December 31, 2021?
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