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What is the amount of interest revenue recognized

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Question - Tamad Company purchased a packing machine intended for leasing at a cost of P330,000. The machine was leased to Great Company on January 1, 2021, at an annual rental of P58,860 payable in advance over a period of 10 years. The lease qualifies as a direct financing lease.   There is no expected residual value for the asset. Implicit interest rate is 16%.  Happy Company uses the calendar year.

Required - What is the amount of interest revenue recognized in profit or loss by Happy Company for the years 2021 and 2022?

Reference no: EM132947944

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