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What are the amounts reported in abc financial statements

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Question - On May 1, 2021, ABC Company leased furniture and fixtures from XYZ Company under a one- year contract. The lease payments are as follows:

First 2 months at P12,000 per month

Next 4 months at P18,000 per month

Next 3 months at P15,000 per month

Last 3 months at P10,000 per month

After the first year, the rent continues at P8,000 per month.

Required - What are the amounts reported in ABC financial statements for the year 2021?

Reference no: EM133073260

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