On January 1, 2001, Wishful Thinking, a lessor, entered into a direct financing lease agreement with Lennard Company The lease agreement required 6 equal annual payments of $50,000 at the end of each year The leased property had an estimated residual value of $14,000, which was guaranteed by an unrelated third party Wishful Thinking desired a 10 rate of return What was the amount that Wishful Thinking recorded as interest revenue on the lease at the end of the year 2002 $19,82322 

$25,22580 

$24,74

Answer rating: 100% (QA)

Answer 1982322 Calculations Present value of the annual le... View the full answer