Knowledge Check 01 On January 1, Year 1, Savor Corporation leased equipment to Spree Company. The lease term is 9 years. The first payment of $698,000 was made on January 1, 2018. The present value of the lease payments is $4,561,300. The lease is appropriately classified as an operating lease. Assuming the interest rate for this lease is 9%, how much Interest revenue will Savor record in Year 1 on this lease? Answer is complete but not entirely correct. Interest revenue 31,293