Reference no: EM133179854
Question - On January 1, 2022, Monsour Company enters into a seven-year lease of machinery. The building has estimated useful life of 10 years. Lease payments are P2,220,000 per year all payable at the end of each year. To obtain the lease, Monsour Company incurs initial direct cost of P500,000. Monsour guarantees a residual value of P400,000 at the end of lease term. The machine is expected to dismantle at a cost of P75,000 after the lease contract.
Implicit rate in the lease contract, 11%
Effective rate of interest (dismantling), 12%
How much is the balance of lease liability as of December 31, 2023 and interest expense recognized in 2023?
a. P9,370,922 and P1,171,911
b. P9,605,650 and P1,056,622
c. P10,662,272 and P1,171,911
d. P8,442,272 and P1,056,622
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