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Prepare journal entries on the books of the lessor

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Reference no: EM132829963

On January 1, 2020, Diana Company leased a delivery truck from Nymph company under a 3-year operating lease. Total rent for the term of the lease is P3,600,000, payable P50,000 monthly for 2020, P75,000 monthly for 2021, and P175,000 monthly for 2022. All payments were made when due.

Required:

Problem 1: Prepare Journal entries on the books of the lessor over the 3-year lease term.

Reference no: EM132829963

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