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On January 1, 20X1, Lessee enters into a 5-year lease of equipment. Annual rental is P 300,000 payable at the end of each year. The implicit interest rate in the lease is 9%. The contract provides for a purchase option with an exercise price of P 500,000. Lessee is reasonably certain to exercise the purchase option at the end of the lease term. The remaining useful life of the underlying asset is 8 years. Lessee uses the straight line method of depreciation.
Problem a. Prepare the amortization table for the lease liability.
Problem b. Provide the journal entries on the following dates: January 1, 20X1 and December 31, 20X1.
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