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Find the total interest income to be recognized over lease

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Reference no: EM132800718

Question - Lessor Company leases computer equipment to customers under direct financing leases. An item of equipment was leased to a lessee with the following provisions:

Annual rental payable in advance P500,000

Lease term and useful life of equipment 5 years

Cost of equipment P1,955,000

Initial direct cost P65,000

Required -

1. Find the total interest income to be recognized over the lease term?

2. Find the interest income to be recognized in the first year of the lease?

Reference no: EM132800718

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