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What amount should be credited to rent income upon receipt

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Problem 1: Dog Corporation purchased a machine on January 1, 2020 for P5,000,000 for lease purposes. It has an estimated useful life of ten years with no salvage value. Alive leased the machine on March 31, 2020 at P80,000 monthly for four years. Dog required security deposit of P1,000,000 on March 31, 2020 which shall be returned to the lessee upon lease expiration. What amount should be credited to rent income upon receipt of the P1,000,000 security deposit?

Reference no: EM132812496

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