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What amount be reported as rent income for current year

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Reference no: EM132944171

On January 1, 2021, Ice Cream Company leased a new machine to Lessee Company for 5 years. The annual rental is P483,000. Lessee Company paid P26,450 to Ice cream Company as a lease bonus and P47,980 as a security deposit to be refunded upon expiration of the lease.

Problem 1: What amount should be reported as rent income for the current year?

Reference no: EM132944171

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