On December 2, 2020, Moon Corp. entered into a non-cancelable purchase contract to buy 10,000 ounces of diamonds on February 12, 2021 at a price of P310 per ounce. At year-end of 2020, the market value of diamonds fell down to P270 per ounce. On February 12, 2021, the market price of diamonds skyrocketed to P320 per ounce. What is the amount of gain on recovery of Moon Corp. recognize on February 12, 2021? A. P400,000 B. No gain to be recognized C. P500,000 D. P100,000

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Q: None

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.