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How much is the rental income

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Question - Wales Company leased office premises to Finnish, Inc. for a 3-year term-beginning January 1, 2021. The details of an operating lease:

Year 1 1,800,000 per annum

Year 2 10% increase from the prior year

Year 3 8% increase from the prior year

As consideration and inducement to enter the lease, the lessor grants the first two months of the lease rent-free. How much is the rental income in 2021?

Reference no: EM133139510

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