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What is the unearned gain on equipment sale in hook december

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On January 1, 2015, Hooks Oil Company sold equipment with carrying amount of P100, 000 and a remaining useful life of 10 years to Maco Drilling Company for P150, 000. Hooks immediately leased the equipment back under a 10-year finance lease with a present value of P150, 000 and will depreciate the equipment using the straight-line method. Hooks made the first annual lease payment of P24, 412 in December 2015.

Question 1: What is the unearned gain on equipment sale in Hook's December 31, 2015 statement of financial position?

Reference no: EM132578865

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