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How much is the right of use asset

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Question - Given are the following for a sale and leaseback transaction made on January 1, 2020. Sale Price = P500,000.

Carrying Amount of Leased Asset = P300,000. Annual Rentals, payable every yearend = P80,000. Lease Term = six years. Implicit Interest Rate = 10%.

How much is the right of use asset if the fair value of the leased asset is P450,000?

How much is the gain to be recognized if the fair value of the leased asset is P530,000?

Reference no: EM133071753

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