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Prepare the entry at the end of the lease term

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Question - On January 1, 2019, Lessee Company leased a building with a useful life of 8 years from the Lessor Company. The lease term is for a period of 5 years. The annual rental is P2,000,000 payable every December 31. The Lessee Company incurred and paid P200,000 associated with the contract of lease. A P300,000 lease incentive was received by the Lessee Company at the commencement of the lease. The Lessee Company has the option to purchase the building at the end of the lease term for P500,000 and it is reasonably certain that the option will be exercised. The implicit rate is 10%. Prepare the entry at the end of the lease term assuming that the option was not exercised.

Reference no: EM133138959

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