Reference no: EM133143732
Question - ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:
Total collections from rent, Dec. 31, 2021 - P940,000
Total rent income recognized, Dec. 31, 2021 - P1,200,000
Unearned rent income, Dec. 31, 2020 - P600,000
Unearned rent income, Dec. 31, 2021 - P460,000
Accrued rent income, Dec. 31, 2020 - P345,000
Required - What is the amount of accrued rent account on December 31, 2021?