Happy Corporation leased equipment to Great Company on January 1, 2021. The lease is for an eight-year period expiring on December 31, 2028. The first of eight equal annual payments of P900,000 was made on January 1, 2021 and subsequent payments will be made every January 1 thereafter. Happy Corporation had purchased the equipment on December 29, 2020 for P4,800,000. Happy paid P150,000 in connection with negotiating and arranging the lease. The lease is appropriately accounted for as a dealer's lease by Happy. The present value on January 1, 2021 of all rent payments over the lease term discounted at a 10% interest rate was P5,280,000. What is Happy Corporation's net investment in the lease on December 31, 2021? * O P4,818,000 O P4,380,000 O P4,309,000 O P3,918,000

Happy Corporation leased equipment to Great Company on January 1, 2021. The lease is for an eight-year period expiring on December 31, 2028. The first of eight equal annual payments of P900,000 was made on January 1, 2021 and subsequent payments will be made every January 1 thereafter. Happy Corporation had purchased the equipment on December 29, 2020 for P4,800,000. Happy paid P150,000 in connection with negotiating and arranging the lease. The lease is appropriately accounted for as a dealer's lease by Happy. The present value on January 1, 2021 of all rent payments over the lease term discounted at a 10% interest rate was P5,280,000. What is Happy Corporation's net investment in the lease on December 31, 2021? * O P4,818,000 O P4,380,000 O P4,309,000 O P3,918,000

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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