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What amount should be recorded as depreciation expense

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Problem 1: On January 1, 2016, Canberra Company signed an eight-year non-cancellable lease for a new machine, requiring P150,000 annual payment at the beginning of each year. The machine has a useful life of 12 years, with no residual value. Title passes to Canberra at the lease expiration date. Canberra uses straight line depreciation for all of its plant assets. On January 1, 2016, aggregate lease payments have a present value of P1,080,000 based on an appropriate rate of interest. What amount should be recorded as depreciation expense of the leased machine for 2016?

Reference no: EM132729226

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