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Prepare journal entries on the books of dean company

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Reference no: EM133166260

Question - AICPA Adapted - On October 1, 2021, Dean Company leased office space to a lessee at a monthly rental of P300,000 for 10 years expiring September 30, 2031.

As an inducement for the lessee to enter into the lease, Dean Company permitted the lessee to occupy the premises rent-free from October 1 to December 31, 2021.

Required - Prepare journal entries on the books of Dean Company for 2021, 2022 and the last year 2031.

Reference no: EM133166260

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