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Prepare journal entries on the books of the lessor

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Reference no: EM133157380

Question - As an inducement to enter a lease, Aris Company, a lessor, grants Ronald Company, a lessee, nine months of free rent under a five year operating lease.

The lease is effective on April 1, 2020 and provides tor monthly rental of P100,000 to begin January 1, 2021.

Required - Prepare journal entries on the books of the lessor over the 5-year lease term.

Reference no: EM133157380

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