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What amount should Wall report as rental income

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Question - Wall Co. leased office premises to Fox Inc. for a four-year term beginning January 2, Year 1. Under the terms of the operating lease, rent for the first year is $4,000 and rent for Years 2 through 4 is $10,000 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, Year 1, income statement, what amount should Wall report as rental income?

Reference no: EM133073303

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