need help with interest receivable entry

On January 1, 2020, Pharoah Company leased equipment to Daylight Corporation. The following information pertains to this lease, 1 2 3 The term of the non-cancelable lease is 4 years. At the end of the lease term, Daylight has the option to purchase the equipment for $1,900, while the expected residual value at the end of the lease is $15,000, Equal rental payments are due on January 1 of each year, beginning in 2020 The fair value of the equipment on January 1, 2020, is $218,000, and its cost is $190,000 The equipment has an economic life of 5 years. Daylight depreciates all of its equipment on a straight-line basis, Pharoah set the annual rental to ensure a 4% rate of return Daylight's incremental borrowing rate is 5%, and the implicitrate of the lessor is unknown Collectibility of lease payments by the lessor is probable. 4 5 6. Both the lessor and the lessee's accounting periods end on December 31, Prepare all the necessary journal entries for Pharoah for 2020. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg 5.275. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1/1/20 Lease Receivable 218,000 Cost of Goods Sold 190,000 Sales Revenue 218,000 Equipment 190,000 (To record the lease) 1/1/20 Cash 57317 Lease Receivable 57317 (To record lease payment) 12/31/20 Interest Receivable Debit Credit Date Account Titles and Explanation 218,000 11/20 Lease Receivable 190,000 Cost of Goods Sold 218,000 Sales Revenue 190,000 Equipment (To record the lease) 1/1/20 Cash 57317 57317 Lease Receivable (To record lease payment) 12/31/20 Interest Receivable Interest Revenue