How much lease should be accounted for in year ended march

Reference no: EM132785400

problem 1: A Co entered into an agreement to lease office space on 1 April 2019 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first-year rent-free period was included in the agreement after which A Co is required to pay an annual lease of P360,000. How much lease should be accounted for in the year ended 31 March 2020?

Option 1: 0

Option 2: 288,000

Option 3: 360,000

Option 4: 1,440,000

Reference no: EM132785400

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