On January 1, 2020, GCQ Company leased to XJPing Company an Equipment in a Sales Type Lease with the following details:

Annual Rental payable at the end of each year600,000

Lease Term and Useful Life5 years

Cost of Machinery1,500,000

Unguaranteed Residual Value150,000

Implicit Interest Rate10%

Payment starts on December 31, 2020

1.How much is the Value of Net Investment (Sales) of the Sales Type Lease?

2.How much is the Cost of Goods Sold of the Sales Type Lease?

3.How much is Financial Revenue as of December 31, 2021?

4.How much is the Interest Income for 2021?