Reference no: EM133145768

Question 1- The related data of Susbena Company:

13th-month pay P 585,600

Christmas bonus 120,000

Employee's health card premium 240,000

Gross monthly salary 600,000

Pag-ibig contribution - employee's share 30,000

Pag-ibig contribution - employer's share 30,000

Phil-health contribution - employee's share 150,000

Phil-health contribution - employer's share 150,000

Sick leave cash conversion 200,900

SSS contribution - employee's share 240,000

SSS contribution - employer's share 300,000

How much is the Other employee benefits expense?

Question 2 - Kate Company leased office premises to Kalex, Inc. for a 3-year term beginning January 1, 2021.

The details of an operating lease:

Year 1 P1,800,000 per annum

Year 2 10% increase from the prior year

Year 3 8% increase from the prior year

As consideration and inducement to enter the lease, the lessor grants the first two months of the lease rent-free.

How much is the rental income in 2021?

Question 3 - On January 1, 2021, Salad Company lease-in a property.

The related data are as follows:

The annual fixed payment in advance at the beginning of each lease year is P1,080,000.

The lease term is 5 years and the useful life of the equipment is 10 years.

The guaranteed residual value by the lessee is P250,000

The implicit interest rate is 10%

The lease incentive received is P120,000

The lease bonus paid to the lessor before commencing of a lease is P200,000

The estimated restoration cost at the end of the lease term is P500,000.

The leased property will revert back to the lessor at the end of the lease term.

The entity used 2 decimal places for the PV factor.

How much is the Right of use asset on December 31, 2021?