Reference no: EM132794268
PROBLEM A - As an inducement to enter a lease, Sergio Co., lessor, grants Tokyo Co., lessee, nine months of free rent under a five year operating lease. The lease is effective starting April 1, 2020 and provides for monthly rental of P20,000 over the five year lease term starting January 1, 2021.
1. What amount of lease revenue shall be recognized in 2020?
2. What amount should be reported as lease receivable on December 31, 2021?
PROBLEM B - Helsinki Co., lessor, leased a machinery under an operating lease. The lease term is 5 years and the lease payments are made in advance on January 1 of each year as shown in the following schedule:
January 1, 2020 P200,000
January 1, 2021 200,000
January 1, 2022 280,000
January 1, 2023 340,000
January 1, 2024 380,000
3. What amount should be reported as lease income for 2020?
4. What amount should be reported as lease receivable on December 31, 2021?
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