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Question - ABC leases an asset from XYZ, a lease financier, with the following terms:
Lease term - 5 years
Annual rental - 200,000
Residual Value - 30,000
Initial direct cost - 50,000
Executory cost - 2,000
The asset leased by ABC is economically useful for 8 years, however, the ownership will transfer to the lessee by the end of the lease term. The residual value was guaranteed by a party related to ABC. The initial direct cost was shouldered by ABC to secure the contract of lease as well as the executory cost which will be settled every end of each year. The first rental payment will be made at the end of the year the lease commenced (January 1, 2021). During that year the interest rate implicit to the lease is 10%. ABC has made an outright payment of P40,000 to XYZ for closing the lease contract with the company. Additionally, an improvement is built into the leased property which amounted to P100,000. It is estimated to be useful for 4 years.
At the end of 2022, determine the current portion of lease receivable?
elliott division of morehead inc. has a capacity of 200000 units and expects the following results.sales 160000 units
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