Instruction: Answer the problem and show the solution.

Q1:

On January 1, 2021, Milka Company leased property from Minorka Company: The related data: Annual payment in advance at the beginning of each lease year P1,500,000 Lease term in years 6 Estimated useful life of equipment in years 12 Guaranteed residual value by the lessee P250,000 Incremental borrowing rate 8% Implicit interest rate 10% Initial direct cost paid by the lessee P120,000 Lease incentive received P150,000 The lease bonus paid to the lessor before commencing the lease is P100,000. The property will revert back to the lessor at the end of the lease term. The entity used 2 decimal places for the PV factor. How much is the Right-of-used asset on December 31, 2021 (round-off answer to the nearest peso value)?The related data of New Mexico Company: Accounting income P950,000 Interest income on savings deposit 8,700 Rent collected this year but earned next year 60,000 Expenses paid this year but incurred next year 180,000 Officer's life Insurance premium is paid when the family is the beneficiary P75,000. The tax penalty incurred by the entity is P50,000. Tax rate 20% How much is the income tax expense - current?The related data of Gazini Company: . Authorized 200,000 shares with a P25 par value. . Issued 50,000 shares for cash at P32.5 per share. . Issued 25,000 shares for a property. The fair value per share is P35 while the fair value of the property is P867,000. How much is the contributed capital at year-end? Question 35 The related data of Catriona Company: . Authorized 100,000 shares with a P20 par value. . Received 1st subscription with 50% down payment of 35,000 shares at P25 per share. . Issued 15,000 shares for cash at P28.75 per share. . Issued 10,000 shares for a property. The fair value per share is P29.5 at that time while the fair value of the property is P304,500. How much is the share premium?Angeline Corporation's Shareholder's equity for January 1, 2020: Issued shares 50,000 Par value P20 Share capital P1,000,000 Share premium 1,750,000 Retained earnings 2,850,500 Total P5,600,500 During the year: 1. The entity reacquired its own shares of 4,500 at a cost per share of P31. 2. Reissue own shares of 2,500 for a P39.25 per share. 3. Net income is P980,000. 4. The BOD declared cash dividends of P15.75 per share. How much are the retained earnings - unappropriated at year-end?Rabiya Corporation's Shareholder's equity for January 1, 2020: Issued shares 50,000 Par value P15 Share capital P750,000 Share premium 500,000 Retained earnings 1,250,000 Total P2,500,000 During the year, the following transactions occur: 1. The entity acquired 10% of its own issued shares at P30 cost per share. 2. Reissued shares of 3,000 for an amount of P33 per share. 3. Retire 2,000 treasury shares. 4. Net income is P950,000. 5. Declared P12.50 cash dividends per share. How much is the contributed capital at year-end