Problem 6 Taya Co. sells a building to Brooke Co. for P14,000,000. Immediately before the transaction, the building is carried at a carrying amount of P15,000,000 (cost P18,000,000). At the same time, Taya enters into a contract with Brook for the right to use the building for eight years, with annual payments of P1,500,000 payable at the end of each year. The terms and conditions of the transaction satisfy the requirements for determining when a performance obligation is satisfied in IFRS 15. The fair value at the date of sale is P12,000,000 and the implicit rate in the lease is 10%. On this date, the building has a remaining life of 20 years. The ownership of the building will not revert back to Taya at the end of the lease term. Prepare the necessary journal entries on the books of Taya and Brooke to account for the sale and leaseback