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What amount should ralph report as rental income

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Reference no: EM132820142

Problem 1: Ralph Company leased office premises to Wreck Company for a five year term beginning January 1, 2018. Under the terms of the operating lease, rent for the first year is P800,000 and rent for years 2 through 5 is P1,250,000 per annum. However, as an inducement to enter the lease, Ralph granted Wreck the first six months of the lease rent-free. What amount should Ralph report as rental income for 2018?

A. 800,000

B. 1,080,000

C. 1,160,000

D. 1,200,000

Reference no: EM132820142

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