King salons leased equipment from smith co on july 1 in a finance lease. the present value of the lease payments discounted at 12% was 79100. ten annual lease payments of 12500 are due beginning july 1 2021. smith co had constructed the equipment recently for 69500 and its retail fair vlue was 79100.
Required:
1. What amount of interest revenue from the lease should smith co report in its dec 31 2021 income statment?
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