Reference no: EM133019874
Question - On January 1, 2020, Marian Company sold a machinery to Marjorie Company for P2,400,000. Because of the entity's commitments to its customers to provide their needs for the next four years, Marian 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 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%
1) How much is the gain on sale leaseback?
a) P139,784
b) P185,239
c) P259,334
d) P500,000
2) What are the amounts recorded by Marian Company for the right-of-use asset and lease liability, respectively, at January 1, 2020?
a) P1,384,950; P2,000,000
b) P1,584,950; P2,000,000
c) P1,070,189; P1,384,950
d) P1,070,189; P1,584,950
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