Seller-Lessee Co. sells a building to Buyer-Lessor Co. for P5,600,000. Immediately before the transaction, the building is carried at a cost of P3,500,000. At the same time, Seller-Lessee enters into a contract with Buyer-Lessor for the right to use the building for 10 years, with annual payments of P991,111.32 payable at the end of each year. The terms and conditions of the transaction are such that the transfer of the building by Seller-Lessee satisfies the requirements for determining when a performance obligation is satisfied in IFRS 15. Accordingly, Seller-Lessee and Buyer-Lessor account for the transaction as a sale and leaseback. The fair value at the date of sale is P5,000,000 and the implicit rate in the lease is 12%. The remaining life of the building on this date is 10 years. The lease is classified as a finance lease by Buyer- Lessor Co. Prepare the necessary journal entries to be made on the books of Seller-Lessee and Buyer-Lessor