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How much income is to be reported by bryant

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Reference no: EM133136075

Question - Bryant leased a land to Joe for a period of years starting January 1, 2016 at a monthly rental of P2,000. Observing the provisions of the contract, Joe constructed a building which shall become the property of Bryant at the expiration of the lease. The construction was completed on December 30, 2016 at a cost of P1,000,000 with an estimated life of 20 years.

How much income is to be reported by Bryant in 2016 under outright method.

How much income is to be reported by Bryant in 2017 under spread out method.

Supposed on February 1, 2020 the building was destroyed by fire, how much loss did Bryant incur?

Reference no: EM133136075

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