Problem 5 To raise operating funds, North Co. sold its building on January 1, 2021, to South Insurance at P15,000,000, when the fair value of the building is P12,000,000, and immediately leased the building back. The lease is for a 10-year period ending December 31, 2030, at which time, ownership of the building will revert to North Co. The building has a carrying amount of P10,000,000 (original cost P16,000,000). The lease requires North to make payments of P2,547,021.41 to South each December 31. The lease has an implicit rate of 11%. The terms and conditions of the transaction satisfy the requirements for determining when a performance obligation is satisfied in IFRS 15. Prepare the necessary entries on the books of North Co. and South Insurance