Reference no: EM132752665
Question - On January 1, 2020, ECQ Company leased to China Company a Machinery in a Sales Type Lease with the following details:
Annual Rental payable at the end of each year 600,000
Lease Term and Useful Life 5 years
Cost of Machinery 750,000
Implicit Interest Rate 12%
Payment starts on December 31, 2020
Required -
1. How much is the Financial Revenue of the Sales Type Lease?
2. How much is the Gross Profit of the Sales Type Lease?
3. How much is the Carrying Amount of the Lease as of December 31, 2021?
4. How much is the Interest Income for 2021?
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How much is the Gross Profit of the Sales Type Lease
: Annual Rental payable at the end of each year 600,000. How much is the Gross Profit of the Sales Type Lease
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