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Question - On January 1, 2020, Jannael Company leased machinery from Chin Company for a 10-year period. The useful life of the asset is 20 years. Equal annual payments under the lease are P200,000 and are due on January 1 of each year starting January 1,2020.
The present value on January 1,2020 of the lease payments over the lease term discounted at implicit interest rate of 10% was P1,352,000.
The lease provides for a transfer of title to the lessee upon expiration of the lease term.
1. What is the lease liability on December 31, 2020?
a. 1,352,000
b. 1,152,000
c. 1,067,200
d. 1,552,000
2. What is the lease liability to be reported as noncurrent on December 31, 2020?
a. 1,215,920
b. 1,090,240
d. 973,920
3. What is the depreciation for 2020?
a. 135,200
b. 115,200
c. 67,600
d. 20,000
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