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Question - Mira Company leased equipment from Moto Company on July 1, 2021 for an 8-year period. Equal payments under the lease are P600,000 and are due on July 1 of each year with the first payment to be made July 1, 2021.the cash selling price of the equipment is P3,520,000 and the cost of the equipment on Moto books is P3,000,000. The interest rate agreed by Mira and Moto is 10%. The lease is appropriately recorded as a sales type lease.
Required -
1. What amount should be recognized as profit from sale for the year ended December 31, 2021?
2. What amount of interest revenue should be recorded for the year ended December 31, 2021?
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