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What is the appropriate interest entry on december

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Question - On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $310,000 for the machine and is leasing it to Zone for $38,000 per year, an amount that will return 8% to Calloway. The present value of the lease payments is $310,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021?

Reference no: EM133129116

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