Amazing Corporation used lease as a way to push their products to the market, the cost of each Condominium Unit is P 8,000,000. The company marked its product 50% of the condominium cost as the basis of its cash selling price. On January 1, 2020, It enters into a lease transaction with a client where it sets a 12% interest, payable for 5 years with an annual payment, be made at the end of the year. The company incurred an initial direct cost of P 200,000 in working with its lease transaction. Each condominium unit has a residual value of P 500,000.

How much is the total income in the first year?  How much is the Lease Receivable to be reflected in the 2021 financial statements?