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What portion should be shown as a current liability

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Problem 1: On January 4, 2007, Taylor Co. leased a building to Swift Corp. for a ten-year term at an annual rental of P75,000. At inception of the lease, Taylor received P300,000 covering the first two years' rent of P150,000 and a security deposit of P150,000. This deposit will not be returned to Swift upon expiration of the lease but will be applied to payment of rent for the last two years of the lease. What portion of the P300,000 should be shown as a current liability in Taylor's December 31, 2007 balance sheet?

Reference no: EM132717755

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