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Question 1. Michael Company leased equipment to Hay Corporation on July 1, 2015 for an eight-year period expiring June 30, 2023. 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, 2015.
The rate of interest contemplated by Michael and Hay is 10%. The cash selling price of the equipment is P3,520,000, and the cost of the equipment on Michael's accounting records is P2,800,000. The lease is appropriately recorded as a dealer's lease.
What is the amount of profit on the sale that Michael should record for the year ended December 31,2015?
a. P 45,000
b. P 90,000
c. P 720,000
d. P 1,280,000
Question 2. Use the same information given in 1. What is the interest revenue reported in Michael's statement of comprehensive income for the year ended December 31,2015?
a. P 146,000
b. P 176,000
c. P 292,000
d. P 352,000
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