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Question 1. On August 1, 2015, Gabriel Company leased a machine to Way Company for a six-year period requiring payments of P100,000 at the beginning of each year. The machine cost P480,000, which is the fair value at the lease date, and has a useful life of eight years with no residual value. Gabriel appropriately recorded the lease as a direct financing lease. Gabriel's implicit interest rate is 10% and present value factors are as follows:
PV of an annuity due of P1 at 10% for 6 periods 4.800
PV of an annuity due of P1 at 10% for 8 periods 5.868
At the inception of the lease, the gross lease receivables account balance should be
a. P 600,000
b. P 586,800
c. P 480,000
d. P 479,100
Question 2. Use the same information given in 1. How much is the interest revenue relating to the lease for the year ended December 31, 2015?
a. P 48,000
b. P 35,417
c. P 25,000
d. P 15,833
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