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1. On January 1, 2018, Horton Co. enters into a ten-year lease with Nall, the lessor, for 10,000 square meters of office space for annual lease payment of P150,000 every December 31 of each year. The incremental borrowing rate of Horton at the commencement date is 10%. On January 1, 2022, when the present value of the lease liability is P653,289 and the carrying amount of the right-of-use asset is P553,011, Horton and Nall agree to amend the original lease to reduce the space to only 5,000 square meters of the original space on the same date. The annual fixed lease payments are P90,000. Hortons incremental borrowing rate on January 1, 2022 is 12% per annum. a. Required: How much is the gain or (loss) on the lease modification made on January 1, 2022?

2. Leicester Company leases a machine from Wentworth Corp. under an agreement which meets the criteria to be a finance lease for Leicester. The six-year lease requires payment of P102,000 at the beginning of each year, including P15,000 per year for maintenance, insurance, and taxes. The incremental borrowing rate for the lessee is 10%; the lessor's implicit rate is 8% and is known by the lessee. The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 8% is 4.99271. Leicester should record the leased asset at

3. Lang Corporation leased equipment to Joe Inc. on January 1, 2020. The lease is for an eight-year period expiring December 31, 2027. The first of eight equal annual payments of P900,000 was made on January 1, 2020. Lang Corporation had purchased the equipment on December 31, 2019, for P4,800,000. The lease is appropriately accounted for as a sales-type lease by Lang Corporation. Assume that the present value at January 1, 2020, of all rent payments over the lease term discounted at a 10 percent interest rate was P5,280,000. What amount of interest revenue should Lang Corporation record in 2021 (the second year of the lease period) as a result of the lease?

4. On January 1, 2020, Alt Corporation leased a warehouse to Albert Co. under an operating lease for ten years at P80,000 per year, payable the first day of each lease year. Alt Corporation paid P36,000 to a real estate broker as a finder's fee. The warehouse is depreciated at P20,000 per year. During 2020, Alt Corporation incurred insurance and property tax expense totaling P15,000. Alt Corporation's net rental income for 2020 should be