On January 1, 2014. Morris Company sells and to Lopez Corporation for P6,000,000, and immediately leases the land back. The following information relates to this transaction 1. The term of the noncancelable lease is 20 years and the title transfers to Morris Company at the end of the lease term 2 The land has a cost basis of P5.040,000 to Morris 3. The lease agreement calls for equal rental payments of P611.112 at the end of each year. 4. The land has a fair value of P6,000,000 on January 1, 2014 5 The incremental borrowing rate of Morris Company is 10% Morris is aware that Lopez Corporation set the annual rentals to ensure a rate of return of 896 6 Morris Company pays all executory costs which total P235,000 in 2014, 40. Indicate the amount of unearned revenue from sale-leaseback realized during 2014, 41. Provide the amount interest charges for 2014, 42. Calculate the total expenses of Morris for 2014. 43. Determine the lease libility of December 31, 2014