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What amount should be reported as rent revenue for the year

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Reference no: EM132881012

On January 1, 2020, Jerome Corp leased a delivery van to Kaila Company under a 4-year operating lease. Total rent for the term of the lease will be 360,000 payable as follows:

1st 12 months at Php 3,000 / month    36,000

2nd 12 months at Php 6,000 / month   72,000

3rd 12 months at Php 9,000 / month    108,000

4th 12 months at Php 12,000 / month  144,000

Problem 1: What amount should be reported as rent revenue for the year ended on December 31, 2020?

a. 36,000

b. 96,000

c. 120,000

d. 360,000

Reference no: EM132881012

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