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What amount should be reported as lease income

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Reference no: EM133171614

Question - On January 1, 2022, Champion Company leased a building to Banner Company for 3 years. The annual rental is P450.000. Additionally, Banner Company paid P252.500 as a lease bonus and P125.000 as a security deposit to be refunded upon expiration of the lease.

1. What amount should be reported as lease income for 2022?

2. Assume the same information except that the lease commences on April 1, 2022. What amount should be reported as lease income for 2022?

Reference no: EM133171614

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