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Reardon Company leased an asset from Mackinac Company, Data Five-year, noncancellable lease begins 1/1/22 Asset life is five years Payments of $20,711 each January 1.

Reardon Company leased an asset from Mackinac Company, Data Five-year, noncancellable lease begins 1/1/22 Asset life is five years Payments of $20,711 each January 1. Asset FMV $100,000, Lessor book value $85,000 Guaranteed salvage value $5,000, $1,500 salvage value expected by lessee. Applicable rate is 4% Mackinac's 2022 Interest Revenue will be approximately Select one a. $3,299 b. $3,122 Oc $3,172 d. $3,056 e. $3,007 Clear my choice

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