Please help. Thank you! As an inducement to enter a lease,...
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As an inducement to enter a lease, Lee Corp., a lessor, grants Dayag Inc., a leaseholder, six months of free rent under a three-year lease on its building which has a 10-year useful life. The lease is effective on March 31, 2019 and provides for an annual rental of P360,000 payable in advance. The implicit lease rate known to both parties is at 10%. Requirement: What amount should Dayag Inc., recognized as a Liability as at March 31, 2019? O 804,793 O 720,000 O 624,793 O None
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