Kobie Company leased an equipment to a lessee on January 2, 2020 under a direct financing lease with the following provisions - cost of equipment P3,390,000; Annual rental payable at the end of the...

Kobie Company leased an equipment to a lessee on January 2, 2020 under
a direct financing lease with the following provisions - cost of equipment
P3,390,000; Annual rental payable at the end of the year P600,000; Useful
life and lease term, 10 years. Kobie Company incurred and paid P143,400 in
negotiation and arranging the lease. The present value of an ordinary
annuity of 1 at 12% for 10 years is 5,650 and the present value of an
ordinary annuity of 1 at 11% for 10 years is 5.889. What is the total financial
revenue to be recognized over the lease term?