Reporting a Sales-Type Lease A lessor, Ace Corp. enters into an equipment lease with a lessee, Spades Inc. The terms of the lease require annual lease payments of $48,000 over a 10-year period, with the first payment due immediately upon the commencement of the lease on January 1, 2020. There is no estimated residual value. The implicit rate of the lease is 5%. What amount would the lessor report in its income statement (ignoring taxes) for the year ended December 31, 2020? Note: Round your answer to the nearest whole dollar. Income Statement Account Amount Interest Revenue $ $ 2,088 *