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On January 1, 2021, Aniah Company leased office premises to Marie Company for a five-year...

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Accounting

On January 1, 2021, Aniah Company leased office premises to Marie Company for a five-year term. Under the terms of the operating lease, rent for first year is P900,000 and rent for years 2 through 5 is P1,600,000 per annum. However, as an inducement to enter the lease. Aniah Company granted Marie Company the first nine months of the lease rent-free. What amount should be reported as rental income for the current year? Blank 1

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