On July 1, 2021, Gee Company leased a delivery truck from Marr Company under a 3-year operating lease. Total rent for the term of the lease will be P360,000 payable as follows: 12 months at P 5,000 = P 60,000 12 months at P 7,500 = 90,000 12 months at P17,500 = 210,000 All payments were made when due.

On July 1, 2021, Gee Company leased a delivery truck from Marr Company under a 3-year operating lease. Total rent for the term of the lease will be P360,000 payable as follows: 12 months at P 5,000 = P 60,000 12 months at P 7,500 = 90,000 12 months at P17,500 = 210,000 All payments were made when due.

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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