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Bayview Corp is engaged in leasing equipment. The equipment was delivered to the lessee at the beginning of 2021 under a direct financing lease with the following provisions: Cost of equipment P 4,361,200 Unguaranteed residual value 200,000 Useful life of the equipment 8yrs Term of the Lease 8yrs Implicit interest rate 10% PV of an ordinary annuity for 1 for 8 years @10% 5.335 PV of 1 for 8 years @10% 0.466 The annual rental is payable at the end of each year. The equipment will revert to the lessor upon the lease expiration.
Problem 1: What is the net investment in the lease to be recovered from rental?
Problem 2: What is the annual rental over the lease term?
Problem 3: What amount of interest income should be recognized for the current year?
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