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What amount of net rent revenue should be reported

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Question - Genshin Corp. purchased a tractor on January 1, 2019, at a cost of P1,600,000 for the purpose of leasing it. The tractor is estimated to have a useful life of 5 years with a residual value of P100,000. Depreciation is on a straight-line basis. On April 1, 2019, PUBG entered into a lease contract for the lease of the tractor for a term of two years up to March 31, 2021. The lease fee is P50,000 monthly and the lessee paid P600,000, the lease fee for one year. Genshin paid P120,000 commission associated with negotiating the lease, P15,000 minor repairs, and P10,000 transportation of the tractor to the lessee during 2019. What amount of net rent revenue should be reported for 2019?

A. P80,000

B. P160,000

C. P235,000

D. P85,000

Reference no: EM132932940

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