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On January 1, 2024, Princess Corporation leased equipment to King Company. The lease term is 8 years. The first payment of $748,000 was made on

On January 1, 2024, Princess Corporation leased equipment to King Company. The lease term is 8 years. The first payment of $748,000 was made on January 1,2024 . The equipment cost Princess Corporation $3,932,703. The present value of the lease payments is $4,272,723. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 11%, how much interest revenue will Princess record in 2025 on this lease? Note: Round your answer to the nearest whole dollar amount. Multiple Choice $360,280 $348,089 $352,599 $387,720

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