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How much is the total financing revenue to be earned

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Problem 1: On January 1, 2019, Spice Company leased an asset with a cost of P793,085 to another entity for a lease term of six years. The lease specifies equal annual payments beginning January 1, 2019. The lease guarantees a P100,000 residual value of the leased asset at the end of the lease term. The rate implicit on the lease is 9% and is accounted for as a direct financing lease. How much is the total financing revenue to be earned throughout the lease term?

Reference no: EM132829259

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