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What are the amount recorded by naj company

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Question - On January 1, 2020, Naj Company sold a machinery to Jiba Company for P2.400,000. Because of the entity's commitments to its customers to provide their needs for the next four years. Naj Company simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows:

Fair value of machinery 2,200,000

Carrying amount of machinery 1,700,000

Remaining useful life of machinery 8 years

Lease term 4 years

Annual rent payable at the end of each year 500,000

Market rate of interest 10%

Required - What are the amount recorded by Naj Company for the right-of-use asset for January 1, 2020?

Reference no: EM133131679

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