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TAUNT TO JEER AT Co. leased a new machine from RIDICULE TO MOCK, Inc. on January 1, 20x1, under a lease with the following information:
Lease Term 10 years
Annual rent payable at the end of each year P80,000
Useful life of machine 12 years
Implicit Interest rate 14%
Lessee's incremental borrowing rate 12%
The annual rental payment includes P6,000 to cover maintenance costs. The maintenance costs transfer to TAUNT. The amount charged reflects the stand alone selling prices of the maintenance services.
Requirements:
Question 1: Provide the entries for 20x1 and 20x2
Question 2: Determine the current and non-current portion of the lease liability on December 31, 20x1.
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