Reference no: EM132779458
On january 1, 20x1, lessor enters into a lease of equipment. Information on the lease is shown below:
Cost of equipment P 278,948
Useful life of equipment 5 years
Lease term 4 years
Annual rent payable at the
BEGINNING of each year 80,000
Intereat rate implicit in the
lease 10%
Problem 1. What is the gross investment in the lease?
Problem 2. What is the net investment in the lease?
Problem 3. What is the unearned income on initial recognition?
Problem 4. Provide all the journal entries over the lease term.
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