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What amount of rent should be reported as unearned

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Q1) On May 1, 2021, Hawker Pacific Company leased furniture and fixtures from Stagecraft Company under a one-year contract. The lease payments are as follows:

Next 4 months at P18,000 per month

Next 3 months at P15,000 per month

Last 3 months at P10,000 per month

What are the amounts reported in Hawker Pacific financial statements for the year 2021?

A. Rent revenue of P114,000 and Rent receivable of P12,000

B. Rent revenue of P114,000 and Unearned rent of P12,000

C. Rent revenue of P126,000 and Unearned rent of P12,000

D. Rent revenue of P126,000 and Rent receivable of P12,000

Q2) Pappy Corporation received cash of P13,500 on September 1, 2021, for one year's rent in advance and recorded the transaction with credit to Unearned Rent.

What amount of rent should be reported as unearned as of December 31, 2021?

A. P9,000

B. P13,500

C. None

D. P4,500

Reference no: EM132933783

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