ecifying that ownership of the ferry will transfer to the lessee at the end of the nual lease payments do not include executory costs. Other terms of the agre lows: P9,000,000 P2,000,000 iginal cost of the ferry ase payment payable in advance timated residual value P1,000,000 plicit interest rate te of first lease payment ase term 12% January 1, 2020 10 years hat is the profit on sale for 2020?

ecifying that ownership of the ferry will transfer to the lessee at the end of the nual lease payments do not include executory costs. Other terms of the agre lows: P9,000,000 P2,000,000 iginal cost of the ferry ase payment payable in advance timated residual value P1,000,000 plicit interest rate te of first lease payment ase term 12% January 1, 2020 10 years hat is the profit on sale for 2020?

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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Vaibh
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Please don't provide answer in image format thank you
Answer is $1,818 Please explain the reasoning and calculations
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