HOLOGAN Financing, Inc. purchased a packing machine to lease to IMPAKE. The lease qualifies as a direct financing lease and requires lease payments of P58,860 per year, payable in advance, over a ten-year period. There is no expected residual value. The fair market value of the packing machine is P330,000--the same amount paid by HOLOGAN to purchase the asset. The lease term begins on January 1, 2020. Provide the journal entries required on HOLOGAN's books to (1) record the lease transaction and the first lease payment. (2) recognize interest revenue at the end of the first year. HOLOGAN uses a calendar-year accounting period. (Round all computations to the nearest Peso.)