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How much is os corporation net revenue

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Question - On March 1, 2021, OS Corporation purchased an equipment for P500,000 with an estimated residual value of P50,000 at the end of its five-year useful life. OS Corporation uses the straight-line method of depreciation. The equipment was immediately leased to SD Company for two years at a monthly rental of P18,000 payable at the beginning of the month starting on March 1, 2021. On this date, SD Company paid OS Corporation a lease bonus of P12,000.

During the year 2021, OS incurred insurance and maintenance costs for the equipment of P8,000 and P2,000, respectively.

How much is OS Corporation's net revenue from this lease for the year ended December 31, 2021?

Reference no: EM132949726

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