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How much is the cost of goods sold recognized

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Problem - TalpakanNa, Company., is a dealer in cars. Its customers usually have the option to buy outright or lease a car. On January 1, 2020, a car was leased to WildDogs Company. The yearly lease payments amount to P120,000, payable at the end of each year. The useful life of the car is 10 years, while the lease term is for 5 years. The car had a cost of P400,000. The fair value of the car was P479,125. The lease contract transfers title to the lessee at the end of the lease term. The interest implicit in the lease was 8%. How much is the cost of goods sold recognized during the year 2020?

Reference no: EM132948146

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