On 1 July 2020 Whiterun leased a boat to Riverwood Ltd. In the lease agreement, Riverwood Ltd agreed to guarantee $7 000 residual value, $1 000 less than what Whiterun had estimated.The lease payment is $20,000 for three years. Lease payments are to be made annually and in arrears. The interest rate implicit in the lease for Whiterun Ltd is 5%. What is the amount of Whiterun Ltd's first year's interest revenue?

$3 069

$61 376

$2 068

$41 376