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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
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