Un January 1, 20x1, Inverse Co. leased a piece of equipment to reimburse, Inc. Information on the lease is as folloWs. Cost of equipment- P600,000 Useful life of equipment- 5 years Lease term- 4 years Annual rental payable at the end of each year - P220,000 The annual lease payment includes P18,098 pertaining to non-lease component. This amount reflects the stand alone selling price of the service. Inverse Co. incurred P40,000 initial direct costs in negotiating the lease. The interest rate implicit in the lease is 10%. How much are (1) the total interest revenue that Inverse Co. will recognize over the lease term and (2) the carying amount of the net investment in the lease on December 31 20x1? O a. 172,342; 462,098 O b. 167,608; 502,098 O . 176,904; 542,098 Od 1 67 G09. G42

Un January 1, 20x1, Inverse Co. leased a piece of equipment to reimburse, Inc. Information on the lease is as folloWs. Cost of equipment- P600,000 Useful life of equipment- 5 years Lease term- 4 years Annual rental payable at the end of each year - P220,000 The annual lease payment includes P18,098 pertaining to non-lease component. This amount reflects the stand alone selling price of the service. Inverse Co. incurred P40,000 initial direct costs in negotiating the lease. The interest rate implicit in the lease is 10%. How much are (1) the total interest revenue that Inverse Co. will recognize over the lease term and (2) the carying amount of the net investment in the lease on December 31 20x1? O a. 172,342; 462,098 O b. 167,608; 502,098 O . 176,904; 542,098 Od 1 67 G09. G42

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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