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What amount of lease income should be recognized by lomi

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Reference no: EM132820140

Problem 1: As an incentive to enter a non-cancelable operating lease for office premises for 10 years, Lomi Company as lessor has offered the lessee a rent-free period of two years. Annual rental payment under the lease commencing in the third year is P500,000. What amount of lease income should be recognized by Lomi in the first year?

A. 0

B. 400,000

C. 450,000

D. 500,000

Reference no: EM132820140

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