What amount of rental revenue should be reported

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Q1. For the year ended Dec. 31, 2020, Pha Company paid interest totaling P100,000. The prepaid interest expense is P23,500 and P18,000, respectively, on December 31, 2019 and 2020. The interest payable is P45,000 and P53,500, respectively, on December 31, 2019 and 2020. What amount of interest expense should be reported on December 31, 2020?

Q2. During 2020, Wayo Corp. received P8,000,000 from tenants. The balance sheet contained the following data:

 

2019

2020

Rentals receivable

P960,000

P1,240,000

Unearned rentals

3,200,000

2,400,000

What amount of rental revenue should be reported for 2020?

Reference no: EM132841320

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