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What amount should eobard company report as lease income

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Question - As an inducement to enter a lease. Eobard Company, lessor, granted Thawne Company, lessee, nine months rent-free under a five-year operating lease which will commence on June 1, 2022. Monthly rental is P50.000 payable beginning March 1, 2023.

Required -

1. What amount should Eobard Company report as lease income for the year 2022?

2. What amount should Eobard company report as lease income for the year 2023?

Reference no: EM133169996

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