Bridgeman Co. finished the construction of one of its customized equipment at a total cost of P1,500,000 on January 1, 2021. The entity constructed the equipment for one of its clients, who immediately signed a lease contract that was worth P4,000,000, the fair value of the equipment. The lease terms require the lessee to make annual lease payments every January 1 for five years. The useful life of the equipment is 6 years, and the residual value of the asset, which is unguaranteed by the lessee, is P300,000. The implicit rate on the lease is 15%. 1. How much is the annual lease payment to be received by Bridgeman? 2. Prepare the journal entry on January 1, 2021. 3. Compute for the total income recognized by Bridgeman in relation to the lease in 2021. 4. Determine the carrying amount of the lease receivable at the end of each year from 2021 to 2024. Bridgeman Co. finished the construction of one of its customized equipment at a total cost of P1,500,000 on January 1, 2021. The entity constructed the equipment for one of its clients, who immediately signed a lease contract that was worth P4,000,000, the fair value of the equipment. The lease terms require the lessee to make annual lease payments every January 1 for five years. The useful life of the equipment is 6 years, and the residual value of the asset, which is unguaranteed by the lessee, is P300,000. The implicit rate on the lease is 15%. 1. How much is the annual lease payment to be received by Bridgeman? 2. Prepare the journal entry on January 1, 2021. 3. Compute for the total income recognized by Bridgeman in relation to the lease in 2021. 4. Determine the carrying amount of the lease receivable at the end of each year from 2021 to 2024