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What is the net rental income for lee company

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Reference no: EM132820067

Problem 1: On January 1, 2018, Lee Company leased a building to Brilliant Company under an operating lease for ten years at P500,000 per year, payable at the first day of each lease year. Lee paid P150,000 to a real estate broker as a finder fee. The building is depreciated P120,000 per year. Lee incurred insurance and property tax expense totaling P90,000 for the year. What is the net rental income for 2018?

A. 275,000

B. 290,000

C. 350,000

D. 365,000

Reference no: EM132820067

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