PROBLEM 1 The following information relates to the defined.

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PROBLEM 1 The following information relates to the defined… PROBLEM 1The following information relates to the defined retirement benefit plan of Integrity Company as of December 31, 2021: Net actuarial gain due to remeasurement of benefit obligation and plan assets taken to OCI – P123,000Prior service cost due to amendment of plan included in retirement benefit expense – P443,000Fair value of plan assets – P2,557,000Accrued benefit obligation – P2,800,000What amount should be shown in the statement of financial position at December 31, 2021 as Prepaid or Accrued Retirement Benefit Cost?a. P243,000 accruedb. P563,000 accruedc. P323,000 prepaidd. P77,000 prepaid —————–PROBLEM 2Integrity Company uses leases as a means of selling equipment. On July 1, 2021, the company leased a machine to a lessee. The cost of the machine to Integrity was P784,500. Annual lease payments are P135,000 and are payable in advance for 12 years. The residual value of the machine at the end of the lease term is P100,000 which is not guaranteed by the lessee. The lessor’s implicit interest rate is 10%. (Round off the PV factor to four decimal places, then do not round off during the computation)How much is the Cost of Sales to be reported by Integrity in 2021?**** please show the computation/solution for the problem. it will be a big help if you answer this in 15-20 mins. thank you so much ****Accounting Business Financial Accounting

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