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Find what amount should lazarus include in current liability

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Reference no: EM132575849

Question 1. On December 31,2015, Lazarus Corporation leased equipment under a finance lease. Annual lease payments of P200,000 are due December 31 for 10 years. The useful life of the equipment is 10 years, and the interest rate implicit in the lease is 10%. The finance lease obligation was initially recorded on December 31, 2015 at P1,350,000, and the first lease payment was made on that date.

What amount should Lazarus include in current liabilities for this finance lease in its December 31, 2015, statement of financial position?

a. P 65,000

b. P 85,000

c. P 115,000

d. P 200,000

Reference no: EM132575849

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