How much is the income to be reported by solimed pharma

Reference no: EM133354064

Question: Tris leased a facility from Solimed Pharma Inc. in January 1, 2021. Terms of the lease were as follows: Annual rental 440,000.00 Annua real property tax assumed by Tris 90,000.00 Security deposit 300,000.00 Lease term 12 Years Tris agreed to pay the entire amount of the fees above including the annual rental for 2022. In addition to annual rental and real property taxes, part of the lease agreement was for Tris to improve the facility. The improvement was completed on January 1, 2023. Details of the improvement were as follows: Cost of leasehold improvement 3,000,000.00 Estimated useful life of improvement 15 years How much is the income to be reported by Solimed Pharma for 2021?

Reference no: EM133354064

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