Reference no: EM133114364
Question - Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows:
Unearned rental income, Jan. 1, 2020 - P50,000
Unearned rental income, Dec. 31, 2020 - P75,000
Accrued rental income, Jan. 1, 2020 - P30,000
Accrued rental income, Dec. 31, 2020 - P40,000
Under cash basis, how much is the rental income should be reported in year 2020?
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