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What is the amount of interest revenue that peseta record

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Zinc Company leased equipment from peseta Corp. On July 1, 2015 for an 8 year period expiring June 30, 2017. Equal payments under the lease are Php 600,000 and are due on July 1 of each year. The first payment was made on July 1, 2015. The rate of interest contemplated by Zinc and Peseta is 10%. The cash selling price of the equipment is Php 3,520,000, and the cost of the equipment on Peseta's accounting records is Php 2,800,000. The lease is appropriately recorded as a ales-type lease.

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Problem 1: What is the amount of interest revenue that Peseta should record for the year ended December 31, 2015?

Reference no: EM132744543

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