Please kindly answer. Thankyou Problem 3: SALE AND LEASEBACKThe following information were deemed relevant regarding a sale and leaseback agreement GEE Corp. enteredinto with EYCH Inc. of a heavy factory equipment on January 1, 2021:Selling Price of the Equipment - P1,500,000Fair Market Value - P1,200,000Carrying value on the books of GEE Corp. - P720,000Remaining life of the equipment – 10yearsLease back term - 8yearsImplicit lease rate – 12%Periodic annual rentals every December 31 - P 200,000Required:19. What is the carrying value of the lease liability as of December 31, 2021?20. What is carrying value of the right of use asset as of December 31, 2021?

An agreement of contract that is prepared to transfer the right to use the resources for a…

Problem 3: SALE AND LEASEBACK The following information were deemed relevant regarding a sale and leaseback agreement GEE Corp. entered into with EYCH Inc. of a heavy factory equipment on January 1, 2021: Selling Price of the Equipment P1,500,000 Fair Market Value - $1,200,000 Carrying value on the books of GEE Corp. - 720,000 Remaining life of the equipment -10years Lease back term-8years Implicit lease rate - 12% Periodic annual rentals every December 31 - 200,000 Required: 19. What is the carrying value of the lease liability as of December 31, 2021? 20. What is carrying value of the right of use asset as of December 31, 2021?

Problem 3: SALE AND LEASEBACK The following information were deemed relevant regarding a sale and leaseback agreement GEE Corp. entered into with EYCH Inc. of a heavy factory equipment on January 1, 2021: Selling Price of the Equipment P1,500,000 Fair Market Value - $1,200,000 Carrying value on the books of GEE Corp. - 720,000 Remaining life of the equipment -10years Lease back term-8years Implicit lease rate - 12% Periodic annual rentals every December 31 - 200,000 Required: 19. What is the carrying value of the lease liability as of December 31, 2021? 20. What is carrying value of the right of use asset as of December 31, 2021?

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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