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What amount should wall report as rental income

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Problem 1: Wall Co. leased office premises to Fox, Inc. for a five-year term beginning January 2, 20x9. Under the terms of the operating lease, rent for the first year is ?8,000 and rent for years 2 through 5 is ?12,500 per annum. However, as an inducement to enter the lease, Wall granted Fox the first six months of the lease rent-free. In its December 31, 20x9, income statement, what amount should Wall report as rental income?

Reference no: EM132920812

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