Provide all journal entries in the books of Lessor

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Reference no: EM132823164

Question - On January 1, 20x1, Lessor leased an office space to Lessee. Payments on the lease will be made as follows:

Year Rental payment

Dec 31, 20x1 200,000

Dec. 31, 20x2 240,000

Dec 31, 20x3 260,000

As an inducement to enter to the lease, Lessor granted Lessee the first six months of the lease as rent-free.

Additional rent (contingent rent) of 10% is to be paid for any excess of sales of Lessee over P2, 000,000. Lessee's sales for 20x1. 20x2, and 20x3 are P1,800,000, P2,000,000, and P3,000,000, respectively.

Requirement - Provide all journal entries in the books of Lessor.

Reference no: EM132823164

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