14. On January 1, 20x1, Chirp Co. leased out to Tweet Inc. a machine, which Chirp Co. has recently acquired for P394,833. The machine has an estimated useful life of 5 years. the lease contract states an annual rent of P120,000 due at the beginning of each year over a lease term of 4 years. Chirp Co. incurred initial direct costs of P25,000 in negotiating the lease. The machine reverts back to Chirp Co. at the end of the lease, at which time the residual value of the machine is expected to be P10,000. What is the interest rate implicit in the lease and how much is the carrying amount of the net investment in the lease on Dec 31 , 20x1? O a. 10%; 212,815 O b. 11%; 332, 815 O c. 11%; 212,815 O d. 12%; 298,564

14. On January 1, 20x1, Chirp Co. leased out to Tweet Inc. a machine, which Chirp Co. has recently acquired for P394,833. The machine has an estimated useful life of 5 years. the lease contract states an annual rent of P120,000 due at the beginning of each year over a lease term of 4 years. Chirp Co. incurred initial direct costs of P25,000 in negotiating the lease. The machine reverts back to Chirp Co. at the end of the lease, at which time the residual value of the machine is expected to be P10,000. What is the interest rate implicit in the lease and how much is the carrying amount of the net investment in the lease on Dec 31 , 20x1? O a. 10%; 212,815 O b. 11%; 332, 815 O c. 11%; 212,815 O d. 12%; 298,564

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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