A lease agreement that qualifies as a finance lease calls for annual lease payments of $20,000 over a eight-year lease term (also the assets useful life), with the first payment at January 1, 2016, the beginning of the lease. The interest rate is 4%. The lessors fiscal year is the calendar year. The lessor manufactured this asset at a cost of $128,000.

what should be the cost of goods sold amount

Required A Required B Required C What would be the amounts related to the lease that the lessor would report in its income statement for the year ended December 31, 2017 (ignore taxes)? (Round your answers to nearest whole number.) Pretax impact on income related to the lease Interest revenue Cost of goods sold Sales revenue Total pretax impact on income 4,802 896,262 140,041 $ 1,041,105 Required B RequiredC