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Lessor Company leases computer equipment to customers under direct financing leases. An item of equipment was leased to a lessee with the following provisions:
Annual rental payable in advance P500,000Lease term and useful life of equipment 5 yearsCost of equipment P1,955,000Initial direct cost P65,000
problem 1: The total interest income to be recognized over the lease term is:
a. P480,000 c. P545,000
b. P500,000 d. P273,700
problem 2: The interest income to be recognized in the first year of the lease is:
a. P242,400 c. P273,700
b. P182,400 d. P203,700
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Prepare the general journal entries to record the information above for transactions that occurred during the year and additional information.
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