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What amount of rental income should be reported

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Conn Co. owns an office building and normally charges tenants P3,000 per square meter per year for office space. Because the occupancy rate is low, Conn Co. agreed to lease 1,000 sqm to Hanson Co at P1,200 per sqm for the first year of a 3-year operating lease. Rent for remaining years will be at P3,000 rate.

  • Hanson Co. moved to the building on January 1, 2021 and paid the first year's rent in advance.

Problem 1: What amount of rental income should be reported in the Income Statement for the year ended Sept. 30, 2021

a. P2,400,000

b. P1,200,000

c. P1,800,000

d. P 900,000

 

Reference no: EM132841163

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