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Question 1. On July 1, 2015, Extreme Company signed a five-year lease for equipment having a 12-year economic life. The lease agreement provides for neither a transfer of title to Extreme nor a bargain purchase option. The agreement calls for annual payments of P240, 000 starting July 1, 2016. Incremental borrowing rate is 14% which approximates the rate implicit in the lease. Fair market value of the equipment at the inception of the lease is P1,480,000. Present value factors are as follows:
PV of an ordinary annuity of 14% for five periods - 3.433
PV of an annuity due at 14% for five periods - 3.914
How much is the interest expense for the year ended December 31, 2015?
a. P115,248
b. P 65,755
c. P 57,674
d. P 0
Question 2. Use the same information given in no.1 . What is the amount of liability relating to the lease agreement that Extreme would report in its December 31, 2015 statement of financial position?
a. P939,360
b. P823,920
c. P240,000
d. P120,000
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