Reference no: EM133190077
Question 1 - On September 1, 2021, Fantastic Company leased furniture and fixtures from Gorgeous Company under a one-year contract. The lease payments are as follows: First 6 months at P12,000 per month; next 6 months at P8,000 per month. How much is the rent expense for the year ended December 31, 2021?
Question 2 - Cavite Mall grants its customers one reward point for each P100 sales for the year 2021 only. Each point is redeemable in the form of merchandise and is equivalent to P1. The points accumulate and may be used by the customer as part payment for merchandise purchases in the future. During the year, the total sales amounted to P250,000,000. Fair values of merchandise and the reward points are P247,500,000 and P2,500,000, respectively.
By the end of 2021, 50% of the points granted have been redeemed, and it is expected that only 80% of the points granted will be redeemed by the customers. During 2022, Cavite's total sales amounted to P275,000,000 (excluding the additional redemption of 30%) and it revised its estimate of total points expected to be redeemed at 100%. How much is the total revenue to be recognized in 2022?
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