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How much is the balance of lease receivable as of december

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Question - On January 1, 2022, Edward Corporation (lessor) enters into a ten-year lease of equipment to Kirk Corporation (lessee). The equipment has estimated useful life of 15 years. Lease payments are P380,000 per year all payable at the beginning of each year. The fair value of the leased asset on this date P3,132.161. The rate implicit in the lease is 6%. Kirk Guaranteed a residual value of P300,000. Assuming that the lease is a sales type lease and the cost of the asset is P2,500,000 and the residual value is unguaranteed, how much is the balance of lease receivable as of December 31, 2022 and the gross profit?

Reference no: EM133185990

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