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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?
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