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2. On January 1, 20x1, Goat Co., a dealer of industrial machines, leased a machine to Meh, Inc. Information on the lease is as follows: Cost of machine (classified by Goat as inventory) P600,000 Useful life of machine Lease term 5 years 4 years Annual rent payable at the start of each year Market rate of interest P200,000 10% Goat Co. incurred direct costs of P40,000 in negotiating the lease. The lease qualifies for sales type lease accounting. Requirement: Provide the journal entries on Jan. 1, 20x1 and Dec. 31, 20x1