Reference no: EM133174108
Question - On January 1, 2020, Myriad Company purchased a tractor at a cost of P1,600,000 for the purpose of leasing it.
The tractor is estimated to have a useful life of 5 years with residual value of P100,000. Depreciation is on a straight-line basis.
On April 1, 2020, Myriad Company entered into a lease contract for the lease of the tractor for a term of two years up to March 31, 2022. The lease fee is P50,000 a month and the lessee paid P600,000, the lease fee for one year.
Myriad Company paid P120,000 commission associated with negotiating the lease, P15,000 for minor repairs and P10,000 transportation of the tractor during 2020.
Required - Prepare journal entries on the books of the lessor using the operating lease model.
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