How much income should holler recognize from the lease?

Ch 20 and CH 21 Question 6 of 15

Question 6 Of 15 View.' Policies Current Atternpt in Progress Hiller Company rnanufactures equiprnent *Nhich is sold or teased- On Decernbet- 31. year Hi"er 'eased Cornpany for a 5year period expiring Deccrnber 3 T. year 6. at date ownership Of the leased transferred u:) Equal payrnents under the lease are $20,000 and are due on Decernber 31 Of each year. The first SNas 31, year 1. Collectibility Of the rernaining lease payrments is reasonably assured. The normal sales price Of is $ 77,000 and Hiller's cost is $60,000. e?etransaetionS? O $17,000 O $20,000 O $23,000 Save for Later Attempts: O of used