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How much income should lessor recognize in profit

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Reference no: EM132788519

Problem 1: A lessor leased a freehold building for 20 years with effect from 1 January 2020. The useful life of the building is 40 years. As part of the negotiations for the lease, the lessor granted the lessee a rent-free period. Annual rentals of P1.6 million are payable in advance on 1 January, commencing in 2022. How much income should lessor recognize in profit or loss in the year ended 31 December 2020?

Reference no: EM132788519

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