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What is the net rental income of the lessor

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Problem - On January 1, 2021, an entity purchased a new machine for P6,000,000 for the purpose of leasing it. The machine had an estimated 10-year life. On April 1, 2021, the entity leased the machine to a lessee for three years at a monthly rental of P400,000. The lessee paid the rental for one year of P4,800,000 on April 1, 2021 and additionally paid P900,000 to the lessor as a lease bonus to obtain the three-year lease. On April 1, 2021, the entity paid P300,000 to a broker as a finder fee. What is the net rental income of the lessor for 2021?

Reference no: EM132939034

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