Help Save & EXIL Saved On January 1, 2021. Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $230,000 for the machine and is leasing it to Zone for $31,000 per year, an amount that will return 8% to Calloway. The present value of the lease payments is $230,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021? Multiple Choice 15,920 Cash Interest receivable 15,920 Prey 4 of 5 Next > SA'FA RE e to search O O 15,920 Interest receivable Interest revenue 15,920 18,400 Cash Interest revenue 18,400 18,400 Interest receivable Interest revenue 18,400