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What portion of the should be shown as a long-term

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Problem 1: In January 1, 2016, Glo Company leased a building to Tony Company for a ten-year term at an annual rental of P75,000. At the inception of the lease, Glo received P300,000 covering the first two years' rent of P150,000 and a deposit of P150,000. This deposit will not be returned to Tony upon the expiration of the lease but will be applied to the payment of rent for the last two years of the lease. What portion of the P300,000 should be shown as a long-term liability in Glo's December 31, 2016 statement of financial position?

a. 150,000
b. 300,000
c. 160,000
d. 75,000

Reference no: EM132992309

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