(Answered) Question - bermudez leasing company purchased specialized

Accounting

Question - Bermudez Leasing Company purchased specialized equipment from Holmes Company on December 31, 2009 for $400,000. On the same date, it leased this equipment to Berry Company for 5 years, the useful life of the equipment. The lease payments begin January 1, 2010 and are made every 6 months until July 1, 2014. Bermudez Leasing wants to earn 10% annually on its investment.

a) The amount of each rent.

b) How much interest revenue did Bermudez earn in 2010?

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