kellynadine02
kellynadine02
10.12.2019 • 
Business

Winn co. manufactures equipment that is sold or leased. on december 31, year 4, winn leased equipment to bart for a 5-year period ending december 31, year 9, at which date ownership of the leased asset will be transferred to bart. equal payments under the lease are $22,000 and are due on december 31 of each year. the first payment was made on december 31, year 4. the normal sales price of the equipment is $77,000, and cost is $60,000. for the year ended december 31, year 4, what amount of selling profit should winn realize from the lease transaction?

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