Lessor's books - Finance lease The following information were provided for GHI Company for the year ended December 31, 2022: Lease term - 10 years Economic life - 10 years Commencement date - January 1, 2022 Annual lease payment (beginning December 31, 2021) - P2,500,000 Residual value of the equipment at the end of lease term guaranteed by the Lessee - P360,000 Initial direct costs (shouldered by the lessor) - P1,062,400 Interest rate implicit in the lease (with initial direct costs) - 10% Interest rate implicit in the lease (without initial direct costs) 8.50% Fair value of the asset P15,500,200 Cost of the asset P12,000,000 The lease contract transfers substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee. Required: Compute for the following amounts: (a) profit on sale, (b) interest income, and (c) lease receivable (net). In addition, provide all the journal entries for 2022. Scenario Analysis: Scenario #1: What if the client is neither a dealer nor a manufacturer of equipment, how much would be the (a) interest income and (b) lease receivable (net). Provide all the journal entries.Lessor's books - Finance lease The following information were provided for GHI Company for the year ended December 31, 2022: Lease term - 10 years Economic life - 10 years Commencement date - January 1, 2022 Annual lease payment (beginning December 31, 2021) - P2,500,000 Residual value of the equipment at the end of lease term guaranteed by the Lessee - P360,000 Initial direct costs (shouldered by the lessor) - P1,062,400 Interest rate implicit in the lease (with initial direct costs) - 10% Interest rate implicit in the lease (without initial direct costs) 8.50% Fair value of the asset P15,500,200 Cost of the asset P12,000,000 The lease contract transfers substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee. Required: Compute for the following amounts: (a) profit on sale, (b) interest income, and (c) lease receivable (net). In addition, provide all the journal entries for 2022. Scenario Analysis: Scenario #1: What if the client is neither a dealer nor a manufacturer of equipment, how much would be the (a) interest income and (b) lease receivable (net). Provide all the journal entries.