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INTERMEDIATE ACCOUNTING 2

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1. Seek, Inc. leases out a brand new asset to Found Co. Information on the lease is as follows: Annual rental payable at the end of each year P80,000 Lease term 4 years Useful life of the asset P600,000 Purchase cost of the asset (equal to current price) 10% Discount rate 2 7 years The lease does not provide a transfer of ownership or a purchase option. The asset is not specialized in nature. What amount of asset resulting from the lease should Seek, Inc. recognize at the lease commencement date? a. 253,589 b. 276,272 c. 313,098 d. 0