Reference no: EM132904479
Question - On January 1, 2020, Lunox Company entered into a Lease for floor space with the following information:
Floor Space 5000 square meters
Annual rental payable at the end of each year 200,000
Lease term 5 years
Implicit rate in the lease 10%
Present value of an ordinary annuity of 1 for 10% at 5 years 3.7908
On January 1, 2022 Lunox Company & the Lessor agreed to amend the original terms of the lease with the following information:
Floor space 3750 square meters
Annual rental payable after the end of each year 150,000
Implicit rate in the lease 8%
PV of an ordinary annuity of 1 for 8% at 3 periods 2.5771
Required - How much is the termination gain or loss on January 1, 2022?
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