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What is the total financial revenue to be recognized

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Question - Kobie Company leased an equipment to a lessee on January 2, 2020 under a direct financing lease with the following provisions - cost of equipment P3,390,000;

Annual rental payable at the end of the year P600,000;

Useful life and lease term, 10 years.

Kobie Company incurred and paid P143,400 in negotiation and arranging the lease. The present value of an ordinary annuity of 1 at 12% for 10 years is 5.650 and the present value of an ordinary annuity of 1 at 11% for 10 years is 5.889.

Required - What is the total financial revenue to be recognized over the lease term?

Reference no: EM132770810

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