27. KAPIT LANG CEREBELLUM leased a new machine to MALAPIT NA ANG FINISH LINE on January 01, 2012. The lease expires on January 01, 2017. Annual rental is P900,000. Additionally, on January 01, 2012, MALAPIT NA ANG FINISH LINE paid P500,000 to KAPIT LANG CEREBELLUM as a lease bonus and P250,000 as a security deposit to be refunded upon expiration of the lease. In KAPIT LANG CEREBELLUM's 2012 statement of comprehensive income, the amount of rental revenue should be * a. P1,400,000 O b. P1,250,000 c. P1,000,000 O d. P900,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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27. KAPIT LANG CEREBELLUM
leased a new machine to
MALAPIT NA ANG FINISH LINE
on January 01, 2012. The lease
expires on January 01, 2017.
Annual rental is P900,000.
Additionally, on January 01,
2012, MALAPIT NA ANG FINISH
LINE paid P500,000 to KAPIT
LANG CEREBELLUM as a lease
bonus and P250,000 as a
security deposit to be
refunded upon expiration of
the lease. In KAPIT LANG
CEREBELLUM's 2012
statement of comprehensive
income, the amount of rental
revenue should be *
a. P1,400,000
O b. P1,250,000
c. P1,000,000
O d. P900,000
Transcribed Image Text:27. KAPIT LANG CEREBELLUM leased a new machine to MALAPIT NA ANG FINISH LINE on January 01, 2012. The lease expires on January 01, 2017. Annual rental is P900,000. Additionally, on January 01, 2012, MALAPIT NA ANG FINISH LINE paid P500,000 to KAPIT LANG CEREBELLUM as a lease bonus and P250,000 as a security deposit to be refunded upon expiration of the lease. In KAPIT LANG CEREBELLUM's 2012 statement of comprehensive income, the amount of rental revenue should be * a. P1,400,000 O b. P1,250,000 c. P1,000,000 O d. P900,000
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