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Prepare journal entries on lessor books for first two year

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Reference no: EM133008262

The lease term was arranged so that a return of 12% is earned by the lessor. Lessor Company is in the leasing business. The entity acquired a specialized packaging machine for P3M cash and leased it for a period of 6 years, annual rental payments made in advance, after which the machine is to be returned to the lessor for disposition. The guaranteed residual value of the machine is P200,000.

Problem 1: Prepare journal entries on the lessor's books for the first 2 years.

Reference no: EM133008262

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