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What are the journal entries for january

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On january 1, 20x1, lessor enters into a 4 years lease of equipment. The equipment has a remaining useful life of 15 years. The annual lease payments, payablr at the end of each year are as follows:

20x1 P 100,000
20x2 120,000
20x3 140,000
20x4 160,000

As an inducement to enter to lease, Lessor granted Lessee the first six months of the lease as rent-free. Lessot receives a lease bonus of P 20,000.

Problem 1. What are the journal entries?

Reference no: EM132755747

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