10. In its December 31, 2021 income statement, what amount should SNOWMAN report as rental income? ₱ 128,000₱ 52,000₱ 116,000₱ 120,00011. How much rent receivable should be recognized by SNOWMAN in 2021? ₱ - 0 -₱ 76,000₱ 80,000₱ 64,000₱ 68,000 SNOWMAN Company leased office premises to JACK FROST Inc. for a 5-year term beginningJanuary 2, 2021. Under the terms of the operating lease, rent for the first year is P80,000 andrent for years 2 through 5 is P125,000 per annum. However, as an inducement to enter the lease,SNOWMAN granted JACK FROS the first six months of the lease rent-free. JACK FROST also paida lease bonus of P60,000.

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10. In its December 31, 2021 income statement, what amount should SNOWMAN report as rental income? ₱ 128,000 ₱ 52,000 ₱ 116,000 ₱ 120,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

10. In its December 31, 2021 income statement, what amount should SNOWMAN report as rental income? ₱ 128,000 ₱ 52,000 ₱ 116,000 ₱ 120,000 11. How much rent receivable should be recognized by SNOWMAN in 2021? ₱ - 0 - ₱ 76,000 ₱ 80,000 ₱ 64,000 ₱ 68,000

SNOWMAN Company leased office premises to JACK FROST Inc. for a 5-year term beginning
January 2, 2021. Under the terms of the operating lease, rent for the first year is P80,000 and
rent for years 2 through 5 is P125,000 per annum. However, as an inducement to enter the lease,
SNOWMAN granted JACK FROS the first six months of the lease rent-free. JACK FROST also paid
a lease bonus of P60,000.

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