In the long-term liabilities section of its balance sheet at December 31, 2016, Naruto Company reported a lease obligation of P750,000, net of current portion of P13,636. Payments of P90,000 were made on both January 2, 2017 and January 2, 2018. Naruto's incremental borrowing rate on the date of lease was 11% and the lessor's implicit rate, which was known to Sasuke, was 10%. In its December 31, 2018 balance sheet, what amount should Naruto report as capital lease obligation, net of current portion? Round amounts to the nearest peso.

In the long-term liabilities section of its balance sheet at December 31, 2016, Naruto Company reported a lease obligation of P750,000, net of current portion of P13,636. Payments of P90,000 were made on both January 2, 2017 and January 2, 2018. Naruto's incremental borrowing rate on the date of lease was 11% and the lessor's implicit rate, which was known to Sasuke, was 10%. In its December 31, 2018 balance sheet, what amount should Naruto report as capital lease obligation, net of current portion? Round amounts to the nearest peso.

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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