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Problem 13-8 ( IAA ) On January 1 , 2020 , Lyle Company entered into a direct January 1 , 2025 , the end of the lease term . of the asset under the lease estimated to be P1,200,000 on Annual lease payments are P1,000,000 due each December 31 , beginning December 31 , 2020. The last payment is due The lessor used 10 % as the implicit interest rate . The PV of 1 at 10 % for 5 periods is .62 , and the PV of an ordinary annuity financing lease . A third party guaranteed the residual value The remaining useful life of the asset was six years at the 4. What is the interest income for 2020 ? 31, of the lease. of 1 at 10% for 5 periods is 3.79. commencement of the lease? 1. What is the net lease receivable of the lessor at the a. 4,534,000 b. 3,790,000 c. 4,990,000 d. 2,590,000 2. What is the gross investment in the lease? a. 5,000,000 b. 6,200,000 C. 3,800,000 d. 5,744,000 What is the total unearned interest income? a. 2,410,000 b. 1,666,000 c. 1,210,000 d. 466,000 a. 379,000 b. 620,000 c. 453,400 d. 500