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IX. CAT Inc. uses lease method of selling its products. In early 2017, CAT completed construction of a passenger ferry for use between Quiapo and Guadalupe. On April 1, 2017, the ferry was leased to Balik-Balik Ferry line on a contract specifying that ownership of the ferry will transfer to the lessee at the end of the lease period. The ferry is expected to be economically useful for 25 years. Annual lease payments do not include executory costs. Other terms of the agreement are as follows: Original cost of the ferry P 1,500,000 Lease payments 225,000 Estimated residual value 78,000 Implicit rate 10 Date of first lease payment April 1, 2017 Lease period 20 Compute: (1) Total finance income that will be earned by the lessor over the lease term, (2) Profit on sale to be recognized by the lessor, (3) Liability under finance lease to be reported by the lessee as of December 31, 2018, (4) Amount to be reported under current liabilities as a liability under finance lease by the lessee as of December 31, 2018, and (5) Depreciation expense to be recognized by the lessee for the year 2017