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Blossom Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $141000, the present value of the

Blossom Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at

Blossom Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $141000, the present value of the lease payments discounted at 8%. The first of eight annual lease payments of $21500 due at the beginning of each year of the lease term was received and recorded on July 3, 2021. Blossom had purchased the equipment for $110000. What amount of interest revenue from the lease should Blossom report in its 2021 income statement?

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