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On January 1, 20X1, Lessee enters into a 4-year lease of heavy machinery. Annual rental is P 200,000 payable at the beginning of each year. Lessee does not know the lessor's implicit interest rate. Lessee's incremental borrowing rate is 14%. Lessee incurs initial direct costs of P 50,000 in negotiating the lease. The underlying asset's remaining useful life is 10 years. Lessee uses the straight line method of depreciation.
Question a. Prepare the amortization table for the lease liability.
Question b. Provide the journal entries on the following dates: January 1, 20X1, December 31, 20X1 and January 1, 20X2.
Question c. Compute for the carrying amounts of the right-of-use asset and lease liability on December 31, 20X1.
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