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How much is the total financial revenue

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Question - On April 1, 2020, Magsaysay Company leased equipment to another entity. The lease is appropriately recorded as a sales type lease and is for an 8-year period with an implicit interest rate of 10%. The first of eight equal payments of P700, 000 was made on April 1, 2020. The cost of the equipment to Magsaysay Company is P3, 700,000. The equipment has an estimated useful life of 8 years with no residual value. The present value of an annuity of 1 in advance at 10% for 8 periods is 5.868. The entity follows the calendar year and uses the perpetual inventory system. How much is the total financial revenue?

Reference no: EM133185069

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