18. Farm Co. leased equipment to Union Co. on July 1, 20x1, and properly recorded the sales-type lease at P135,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of P20,000 due at the beginning of each year was received and recorded on July 3, 20x1. Farm had purchased the equipment for P110,000. What amount of interest revenue from the lease should Farm report in its 20x1 income statement? а. О O b. 5,500 c. 5,750 d. 6,750

18. Farm Co. leased equipment to Union Co. on July 1, 20x1, and properly recorded the sales-type lease at P135,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of P20,000 due at the beginning of each year was received and recorded on July 3, 20x1. Farm had purchased the equipment for P110,000. What amount of interest revenue from the lease should Farm report in its 20x1 income statement? а. О O b. 5,500 c. 5,750 d. 6,750

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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