Reference no: EM132964356
Question - On January 1, 2020, a lessee leased an office space with 2 floors, for P1,000,00, payable every January 1, starting next year. The lease term was 3 years, while the useful life of the office space was 4 years. The lessee paid P100,000 as lease bonus. The lessor also reimbursed P30,000 to the lessee. The implicit interest rate is 8%.
On January 1, 2022, due to financial difficulties, the lessee and the lessor agreed to modify the lease as follows:
Only 1 floor will be rented.
The annual lease payments will be reduced to P400,000.
The lease term will be extended for 2 more years.
The incremental borrowing rate at this date is 10%.
Required -
1. How much is the interest expense for 2021?
2. How much is the gain / (loss) on partial termination as of date of modification, if any?
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