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Question - On January 1, 2020, Chan Company entered into a five-year lease agreement with rentals of P100,000 payable at yearend for the first three years and P150,000 payable at the succeeding yearends. At an implicit interest rate of 10%, the lease liability and right of use asset were initially recorded at P475,322. The asset will revert to the lessor at a guaranteed residual value at the end of the lease term. The fair value of the asset on December 31, 2024, is P35,000.
Required -
1. How much is the carrying amount of the lease liability on December 31, 2022?
2. How much is the carrying amount of the right of use asset as of yearend 2021?
3. How much is the total amount to be reflected on the 2024 profit or loss arising from the lease?
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