On January 1, 2018, Roberto Construction leased several items of equipment under a two-year operating lease agreement from Jamil Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of P40,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamil Leasing at a cost of P360,000 and was expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. Round your answers to the nearest whole peso amounts.

a)What is the total income or (loss) of Jamil Leasing in the lease?

b) What is the carrying value of the asset of Jamil Leasing at the end of the lease term?