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How much was xi jin ping inc unearned rent revenue

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Question - Xi Jin Ping, Inc. owns an office building and leases the office spaces under a one-year rental agreement. Not all tenants make timely payments of their rent. During 2022, Xi Jin Ping, Inc. received P800,000 from tenants. The company's statement of financial position at December 31, 2021 reported Rent Receivable of P96,000 and Unearned Rent Revenue of P320,000. The statement of financial position at December 31, 2022 and income statement for the year ended December 31, 2022 reported Rent Receivable and Rent Revenue of P124,000 and P908,000, respectively. How much was Xi Jin Ping, Inc.'s unearned rent revenue at December 31, 2022?

a. P456,000

b. P240,000

c. P420,000

d. P465,000

Reference no: EM133177690

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