Reference no: EM133140423
Question - On January 1, 2020, Naj Company sold a machinery to Jiba Company for P2,400,000. Because of the entity's commitments to its customers to provide their needs for the next four years, Naj Company simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows:
Fair value of machinery 2,200,000
Carrying amount of machinery 1,700,000
Remaining useful life of machinery 8 years
Lease term 4 years
Annual rent payable at the end of each year 500,000
Market rate of interest 10%
Required - How much is the adjusted liability?
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: Question - On January 1, 2020, Naj Company sold a machinery to Jiba Company for P2,400,000. How much is the adjusted liability
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