Case 4: Orange Company owns an office building and normally charges tenants P3,000 per square meter per year for the office space. Because the occupancy rate is low, Orange Company lease 100 sq. m to Comical. Company at P2,000 per square meter for the first two years of a four year operating lease. Rent for remaining years will be at the P3,000 rate. Comical Company moved into the building on January 1, 2019, and paid the first year's rent in advance. What amount of unearned rental revenue should Orange Company report in its balance sheet for the year ended September 30, 2019?

Case 4: Orange Company owns an office building and normally charges tenants P3,000 per square meter per year for the office space. Because the occupancy rate is low, Orange Company lease 100 sq. m to Comical. Company at P2,000 per square meter for the first two years of a four year operating lease. Rent for remaining years will be at the P3,000 rate. Comical Company moved into the building on January 1, 2019, and paid the first year's rent in advance. What amount of unearned rental revenue should Orange Company report in its balance sheet for the year ended September 30, 2019?

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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