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Question 1 - Zorro Co. leased equipment from Porro Corp. on July 1, 2021 for an 8-year period expiring June 30, 2020. Equal payments under the lease are P600,000 and are due on July 1 of each year. The first payment was made on July 1 2021. The rate of interest contemplated by Zorro and Porro is 12%. The cost of the equipment on Porro's accounting records is P2 800,000. The lease is appropriately recorded as a sales-type lease. What is the amount of profit on the sale and interest revenue that Porro should interest record for the year ended December 31, 2021?
Question 2 - Zorro Co. leased equipment from Porro Corp. on July 1, 2021 for an 8-year period expiring June 30, 2020. Equal payments under the lease are P600,000 and are due on July 1 of each year. The first payment was made on July 1 2021. The rate of interest contemplated by Zorro and Porro is 10%. The cost of the equipment on Porro's accounting records is P2,800,000. The lease is appropriately recorded as a sales-type lease. What is the amount of profit on the sale and interest revenue that Porro should interest record for the year ended December 31, 2021?
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