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What amount of lease revenue be reported in income statement

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Question - Honeybee Company owns an office building and normally charges tenants P3,000 per square meter per year for office space. Because the occupancy rate is low, Honeybee Company agreed to lease 1,000 square meters to Wasp Company at P1,200 per square meter for the first year of a three-year operating lease. Rent for remaining years will be at the P3,000 rate. Wasp Company moved into the building on January 1, 2018, and paid the first year's rent in advance. What amount of lease revenue should be reported in the income statement for the year ended September 30, 2018?

Reference no: EM133063748

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