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Compute the rent expense reported in star company profit

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Reference no: EM132616194

Star Company lease a machinery from Diamond Corporation under a five-year operating lease. As an inducement to enter the lease, Diamond Corporation grants Star Company free rent for the first six months. The lease is effective September 1, 2020 and provides for monthly rental of P10,000 to begin on March 1, 2021.

REQUIRED:

Problem (a) Compute the Rent Expense reported in Star Company's profit or loss for the year ended December 31. 2020 and December 31, 2021.

Problem (b) Prepare entries for years 2020 and 2021 in the books of Star Company and Diamond Corporation.

Reference no: EM132616194

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