Reference no: EM132844840
Question - Makati Corp. manufactures Indang equipment. Internal Leasing purchased an MRI machine from Makati for P1,000,000 and leased it to Indang Group, Inc. on January 1, 2018.
Lease description:
Quarterly rental payments P65,258: beginning of each period
Lease term Five years (20 quarters)
No residual value; no bargain purchase option
Economic life of MRI machine Five years
Implicit interest rate and lessee's incremental borrowing rate 12%
Fair value of asset P1,000,000
Present value of an annuity due of P1: n = 20, i = 3% 15.3238
Round your answers to the nearest whole peso amounts.
Required -
a) How much is the lease receivable balance of the lessor at the end of 2018?
b) How much is the total profit of the lessor in 2018?
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How much is the total profit of the lessor
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