Problem 12-5 (ACPA Adapted) On January 1, 2020, Condor Company purchased a new machine for P4,800,000 and leased it to East Company the same day. The machine has an estimated useful life of 12 years and will be depreciated by the straight line method. The lease is for a three-year period expiring January 1, 2023 at an annual rental of P850,000. Additionally, East Company paid P300,000 to Condor ompany as a lease bonus to obtain the three-year lease. During 2020, Condor Company paid insurance of P80,000 for the leased machine. Required: Prepare journal entries on the books of the lessor for the year ended December 31, 2020