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On January 1, 2018, Princess Corporation leased equipment to King Company. The lease term is 10 years. The first payment of $748,000 was made on

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On January 1, 2018, Princess Corporation leased equipment to King Company. The lease term is 10 years. The first payment of $748,000 was made on January 1, 2018. The equipment cost Princess Corporation $4,067,900. The present value of the lease payments is $4,447,900. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 14%, how much interest revenue will Princess record in 2019 on this lease? (Round your answer to the nearest dollar.) Multiple Choice O $230,014 $486,794 $485,784. o $517,986

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