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What amount should be recorded as rent expense

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Reference no: EM132812494

Problem 1: Co entered into an agreement to lease office space on January 1, 2019 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first year rent-free period was included in the agreement after which, Liberty is required to pay an annual rental of P780,000. What amount should be recorded as rent expense if any for the year ended December 31, 2019?

Reference no: EM132812494

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