Rapp Co. leased a new machine to Lake Co. on January 1, 20×1. The lease expires on January 1, 20×6. The annual rental is P90,000. Additionally, on January 1, 20×1, Lake paid P50,000 to Rapp as a lease bonus and P25,000 as a security deposit to be refunded upon expiration of the lease. In Rapp’s 20×4 income statement, the amount

Sep 8, 2023

Rapp Co. leased a new machine to Lake Co. on January 1, 20×1. The lease expires on January 1, 20×6. The annual rental is P90,000. Additionally, on January 1, 20×1, Lake paid P50,000 to Rapp as a lease bonus and P25,000 as a security deposit to be refunded upon expiration of the lease. In Rapp’s 20×4 income statement, the amount of rental revenue should be?

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Rapp Co. leased a new machine to Lake Co. on January 1, 20×1. The lease expires on January 1, 20×6. The annual rental is P90,000. Additionally, on January 1, 20×1, Lake paid P50,000 to Rapp as a lease bonus and P25,000 as a security deposit to be refunded upon expiration of the lease. In Rapp’s 20×4 income statement, the amount
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