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What amount should EF report as rental income

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Question - EF Company leased office premises to Brown Inc. for a 5-year term beginning January 2, 2019. Under the terms of the operating lease, rent for the first year is 80,000 and rent for years 2 through 5 is 125,000 per annum. However, as an inducement to enter the lease, EF granted Brown the first six months of the lease rent-free. Brown also paid a lease bonus of 60,000. EF uses PAS 17 in accounting for its lease transactions. In its December 31, 2019 income statement, what amount should EF report as rental income?

Reference no: EM132982490

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