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How much is the net rent income for the current year

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Reference no: EM133116860

Question - How to get the net rent income for the current year on the above problem? What is the correct answer? Explain also why the building depreciated, insurance and pt expense is deducted or added on the computation.

At the beginning of the current year, Ruffa Company leased a building to Dindi Company under an operating lease with a 10 year lease term.

Annual rental is P500,000. Ruffa paid P150,000 to a real estate broker as an initial direct cost.

The building is depreciated P120,000 per year. Ruffa incurred insurance and property tax expense of P90,000

How much is the net rent income for the current year?

What are the related Journal entries?

Explain also why the building depreciated, insurance and pt expense is deducted or added on the computation AND So on.

Reference no: EM133116860

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