Laura Mae Fine Meat Company borrowed funds from the bank as follows:

Lara Mae records interest expense when the loans are repaid. As a result, interest expense of $$1,500$ was recorded in

year $2012.$ If no correction is made, by what amount would year $2012$ interest expense be understated?

Maya Technology Co$.$ leases computer equipment to customers under direct$-$financing Capital Leases. The

equipment has no residual value at the end of the lease. Maya wishes to earn $8\%$ interest on a five year lease of

equipment with a fair value of $$323,400.$ Payments are due at the beginning of each year.

What is the total amount of interest revenue that Maya will earn over the life of the lease?