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Make journal entry to record transaction during current year

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The lease provided for a transfer of title to the lessee at the end of the lease term. A company leased an asset costing P7,994,000. Terms of the lease specify 4-yr life for the lease, an annual interest rate of 15%, and 4 year-end rental payments. The lease qualified as a direct financing lease. After the 4th year, the residual value was estimated at P1,000,000.

Question 1: Prepare journal entries to record the transactions during the current year in the books of the lessor.

Reference no: EM133008256

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