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Knowledge Check 01 On January 1, 2018, Savor Corporation leased equipment...

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Knowledge Check 01 On January 1, 2018, Savor Corporation leased equipment to Spree Company. The lease term is 9 years. The first payment of $698,000 was made on January 1, 2018. The present value of the lease payments is $4,561300. The lease is appropriately classified as a sales type lease. Assuming the interest rate for this lease is 9%, how much interest revenue will Savor record in 2018 on this lease? Interest revenue

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